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J.Crew Group announces Q1 fiscal 2011 results
10 Jun '11
4 min read
• Adjusted EBITDA in the first quarter of fiscal 2011 was $74.7 million compared to $88.9 million in the first quarter of fiscal 2010. A reconciliation of net income (loss) to adjusted EBITDA is included in Exhibit.
Balance Sheet highlights as of April 30, 2011
• Cash and cash equivalents were $280.5 million (including $209 million for equity purchase price related to dissenting shareholders that was not distributed at the closing of the transaction, but was paid out subsequent to the first fiscal quarter in May 2011) at the end of the first fiscal quarter compared to $332.3 million at the end of the first fiscal quarter in the prior year.
• Total debt was $1,600 million at the end of the first fiscal quarter, comprised of a $1,200 million seven-year senior secured term loan and $400 million in senior unsecured notes maturing in eight years, incurred in connection with the acquisition, compared to $49.2 million at the end of the first fiscal quarter in the prior year.
• Inventories at the end of the first fiscal quarter were $265.6 million (including $29.4 million of inventory step-up value recorded related to the transaction), compared to $193.1 million at the end of the first quarter of fiscal 2010. Inventory per square foot (excluding step-up value related to the transaction) increased 19.1% as compared to the end of the first quarter of fiscal 2010.
J.Crew Group, Inc. is a nationally recognized multi-channel retailer of women's, men's and children's apparel, shoes and accessories. As of June 9, 2011, the Company operates 251 retail stores (including 219 J.Crew retail stores, 10 crewcuts and 22 Madewell stores), the J.Crew catalog business, jcrew.com, madewell.com, and 87 factory outlet stores.
Balance Sheet highlights as of April 30, 2011
• Cash and cash equivalents were $280.5 million (including $209 million for equity purchase price related to dissenting shareholders that was not distributed at the closing of the transaction, but was paid out subsequent to the first fiscal quarter in May 2011) at the end of the first fiscal quarter compared to $332.3 million at the end of the first fiscal quarter in the prior year.
• Total debt was $1,600 million at the end of the first fiscal quarter, comprised of a $1,200 million seven-year senior secured term loan and $400 million in senior unsecured notes maturing in eight years, incurred in connection with the acquisition, compared to $49.2 million at the end of the first fiscal quarter in the prior year.
• Inventories at the end of the first fiscal quarter were $265.6 million (including $29.4 million of inventory step-up value recorded related to the transaction), compared to $193.1 million at the end of the first quarter of fiscal 2010. Inventory per square foot (excluding step-up value related to the transaction) increased 19.1% as compared to the end of the first quarter of fiscal 2010.
J.Crew Group, Inc. is a nationally recognized multi-channel retailer of women's, men's and children's apparel, shoes and accessories. As of June 9, 2011, the Company operates 251 retail stores (including 219 J.Crew retail stores, 10 crewcuts and 22 Madewell stores), the J.Crew catalog business, jcrew.com, madewell.com, and 87 factory outlet stores.
J.Crew Group Inc
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