J.Crew Group announces revenue growth of 15% in Q1

30 May '08

3 min read

For fiscal 2008, the Company currently expects diluted earnings per share in the range of $1.70 to $1.75, as compared to its previous guidance range of $1.85 to $1.87 and fiscal 2007 diluted earnings per share of $1.52.

The Company's revised expectations for fiscal 2008 include comparable store sales growth in the range of flat to low single-digits, Direct sales growth in the high single-digits and net square footage expansion of approximately 11%.

Balance Sheet highlights as of May 3, 2008:
- Inventories at the end of the quarter were $174.5 million, reflecting the impact of 34 net stores opened since the first quarter of fiscal 2007 and 7 stores opened since the end of fiscal 2007 and the timing of inventory receipts as compared to last year's first quarter.
- Long-term debt was reduced to $100.0 million, which reflects the Company's voluntary principal payments of $25.0 million during the first three months of fiscal 2008.

Conference Call Information:
A conference call to discuss first quarter results is scheduled for May 29, 2008, at 4:30 PM Eastern Time. Investors and analysts interested in participating in the call are invited to dial approximately ten minutes prior to the start of the call.

J. Crew Group Inc

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