Home / Knowledge / News / Apparel/Garments / J.Crew Group announces Q1 fiscal 2011 results
J.Crew Group announces Q1 fiscal 2011 results
Jun '11
J.Crew Group Inc announced financial results for the three months ended April 30, 2011 (first quarter fiscal 2011).

The results below reflect the Company's performance for the "combined period" consisting of the period prior to its acquisition ("predecessor period") by affiliates of TPG Capital, L.P. and Leonard Green & Partners, L.P. in the first quarter of fiscal 2011, as well as the period after completion of the acquisition ("successor period"). The acquisition was completed on March 7, 2011.

The addition of the predecessor and successor period amounts to present ("combined") totals is not consistent with GAAP and may yield results that are not comparable on a period-to-period basis due to the changes of accounting basis during these periods. For purposes of comparing results of operations to prior periods, however, the Company believes that it is a meaningful way to present the results of operations for the quarter ended April 30, 2011.

First quarter highlights:

• Revenues decreased 1% to $409.5 million. Comparable company sales decreased 3% as compared to an increase of 16% in the first quarter of fiscal 2010. Comparable company sales include comparable store sales, direct sales and shipping and handling revenues. Store sales decreased 3% to $281.2 million, with comparable store sales decreasing 6%. Comparable store sales increased by 15% in the first quarter of fiscal 2010. Direct sales (Internet and Phone) increased 5% to $120.4 million. Direct sales increased by 20% to $114.4 million in the first quarter of fiscal 2010.
• Gross margin decreased to 44.3% of revenues from 49.0% of revenues in the first quarter of fiscal 2010. The decrease in gross margin was impacted on an operating basis by increased markdowns and promotional selling compared to the first quarter of fiscal 2010 and by amortization of step-up in inventory value and the net impact of favorable/unfavorable store lease amortization which totaled $3.7 million that were recorded in connection with the acquisition.
• Selling, general and administrative expenses increased to $205.2 million from $127.2 million in the first quarter of fiscal 2010. The first fiscal quarter of 2011 includes $32.2 million of transaction expenses, $44.7 million of acquisition related share-based compensation and a $3.4 million increase in depreciation and amortization related to purchase accounting.
• Operating loss was ($24.0) million, or (5.9%) of revenues, compared with operating income of $75.4 million, or 18.2% of revenues, in the first quarter of fiscal 2010. Operating loss in the first quarter of fiscal 2011 was impacted by costs incurred in connection with the acquisition and related purchase accounting.
• Net loss was ($29.9) million compared with net income of $44.7 million in the first quarter of fiscal 2010. The first quarter of fiscal 2011 was impacted by costs incurred in connection with the acquisition, including increased interest expense and related purchase accounting.

Must ReadView All

Textiles | On 29th May 2017

Special package creates 7,50,000 jobs in garment sector

The special garment package of Rs 6,000 crore that was introduced by...

Md Siddiqur Rahman, president, BGMEA, addressing a press conference with other dignitaries. Courtesy: BGMEA

Apparel/Garments | On 29th May 2017

BGMEA asks govt for 5% incentive for 2 years in Budget

The Bangladesh Garment Manufacturers and Exporters Association...

Textiles | On 29th May 2017

Tintex, Bruckner bring new effects to knitted fabric

The textile company Tintex has joined hands with the system supplier...

Interviews View All

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Sonia Agarwal

‘The terms eco-friendly and organic are common but everyone perceives them ...

Abhishek Ganguly
Puma India

‘As a brand, Puma is always looking for new and innovative ways to inspire ...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Kevin Nelson

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


news category

Related Categories:
May 2017

May 2017

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


Browse Our Archives


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search