J. Crew Retail & Factory store sales up

27 Aug '08

4 min read

Based upon the disruption to our Direct business, as well as the continued softness in our Stores business due to the macro economic environment, we are revising our guidance for fiscal 2008.

The Direct systems upgrades impacted our Direct sales trend, limited our ability to leverage our multi-channel platform and resulted in incremental expenses. The Company is also introducing guidance for the third quarter of fiscal 2008.

The Company currently expects third quarter diluted earnings per share in the range of $0.28 to $0.33. For fiscal 2008, the Company currently expects diluted earnings per share in the range of $1.44 to $1.54, as compared to its previous guidance range of $1.70 to $1.75 and fiscal 2007 diluted earnings per share of $1.52.

The Company's revised expectations for the second half of fiscal 2008 include comparable store sales growth in the range of flat to slightly negative, Direct sales growth in the high single-digits and net square footage expansion of approximately 10% to 11%.

J. Crew Group Inc

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