Home / Knowledge / News / Apparel/Garments / Sales surge 23% at apparel retailer J.Crew in Q1 FY'12
Sales surge 23% at apparel retailer J.Crew in Q1 FY'12
31
May '12
J.Crew Group Inc. announced financial results for the three months ended April 28, 2012.

On March 7, 2011, J.Crew was acquired by Chinos Holdings, Inc., a company formed by investment funds affiliated with TPG Capital, L.P. and Leonard Green & Partners, L.P. Although the Company continued as the same legal entity after the acquisition, last year's financial statements were prepared for the following periods:
(i) March 8, 2011 to April 30, 2011 (Successor) and
(ii) January 30, 2011 to March 7, 2011 (Predecessor).

First Quarter highlights:
• Revenues increased 23% to $503.5 million, with comparable company sales increasing 16%. Comparable company sales decreased 3% in the first quarter last year. Store sales increased 26% to $354.0 million. Store sales decreased 3% in the first quarter last year. Direct sales increased 19% to $143.4 million following an increase of 5% in the first quarter last year.
• Gross margin increased to 47.6% from 44.7% in the first quarter last year.
• Selling, general and administrative expenses increased to $164.2 million, or 32.6% of revenues, from $131.1 million, or 32.0% of revenues, in the first quarter last year.
• Operating income increased 45% to $75.7 million, or 15.0% of revenues, compared to $52.0 million, or 12.7% of revenues, in the first quarter last year.
• Net income was $30.7 million compared to $16.2 million in the first quarter last year.
• Adjusted EBITDA increased $26.9 million to $101.6 million compared to $74.7 million in the first quarter last year. An explanation of how we use Adjusted EBITDA and reconciliation to GAAP measures are included in Exhibit.

Balance Sheet highlights:
• Cash and cash equivalents were $216.1 million compared to $280.5 million at the first quarter end last year.
• Total debt was $1,591 million, consisting of the seven-year senior secured term loan of $1,191 million and the eight-year senior unsecured notes of $400 million, incurred in connection with the acquisition, compared with $1,600 million at the first quarter end last year.
• Inventories were $250.6 million compared to $265.6 million at the first quarter end last year. Inventories last year included a purchase accounting step-up adjustment and higher in-transit inventories compared to this year. Inventories and inventories per square foot, adjusted for purchase accounting and in-transit last year, increased 14% and 6%, respectively.

J.Crew Group Inc. is a nationally recognized multi-channel retailer of women's, men's and children's apparel, shoes and accessories.

J.Crew Group Inc

Must ReadView All

Textiles | On 17th Jan 2017

GST rollout from July 1; states to control small taxpayers

The Centre and states have reached a consensus on the issue of dual...

Textiles | On 17th Jan 2017

Reliance Industries net increases 3.6% in Q3FY17

In the three months ended December 31, 2016, India’s biggest private...

Courtesy: Carnegie Fabrics

Textiles | On 17th Jan 2017

Calera Capital acquires majority stake in Carnegie Fabrics

Private equity firm Calera Capital has bought a majority stake in...

Interviews View All

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Sunil Rathore
Lacoste India

‘New vendor is welcome if he offers cost, quality and timely delivery’

Manfred Mentges
Sedo Treepoint GmbH

We see a higher demand in colour management systems, as customers see big...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
January 2017

January 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search