J Crew Q4'FY14 revenue up 7%

25 Mar '14

2 min read

J.Crew Group, Inc. announced financial results for the three months and the fiscal year ended February 1, 2014.

Fourth Quarter highlights:

-Revenues increased 7% to $686.2 million, with comparable company sales increasing 3%. When realigning last year to be consistent with the current year retail calendar, comparable company sales increased 4% on top of an increase of 11% in the fourth quarter last year. Store sales increased 5% to $438.6 million on top of an increase of 18% in the fourth quarter last year.

-Direct sales increased 10% to $238.1 million following an increase of 27% in the fourth quarter last year.

-Gross margin was 36.8% compared to 38.4% in the fourth quarter last year.

-Selling, general and administrative expenses were $215.0 million, or 31.3% of revenues, compared to $205.7 million, or 32.0% of revenues in the fourth quarter last year. This year reflects a decrease of $8 million in share-based and incentive compensation.

-Operating income was $37.6 million, or 5.5% of revenues, compared to $41.4 million, or 6.4% of revenues, in the fourth quarter last year.

-Net income was $5.9 million compared to $10.2 million in the fourth quarter last year.

-Adjusted EBITDA increased to $75.7 million from $70.4 million in the fourth quarter last year.

Fiscal 2013 highlights:

-Revenues increased 9% to $2,428.3 million, with comparable company sales increasing 3% (which was the same on a realigned basis) on top of an increase of 13% last year. Store sales increased 6% to $1,638.2 million on top of an increase of 21% last year.

-Direct sales increased 16% to $755.9 million following an increase of 19% last year.

-Gross margin was 41.4% compared to 44.3% last year.

-Selling, general and administrative expenses were $756.2 million, or 31.1% of revenues, compared to $733.1 million, or 32.9% of revenues, last year. This year reflects a decrease of $31 million in share-based and incentive compensation.

-Operating income was $249.9 million, or 10.3% of revenues, compared to $253.7 million, or 11.4% of revenues, last year.

-Net income was $88.1 million compared to $96.1 million last year.

-Adjusted EBITDA increased to $370.2 million from $359.6 million last year.

Click here to view full results.

J.Crew Group

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