For the second quarter of 2019, J Crew sales decreased 7 per cent to $399.1 million. J Crew comparable sales decreased 4 per cent following an increase of 1 per cent in the second quarter last year. Madewell sales increased 15 per cent to $139.7 million. Madewell comparable sales increased 10 per cent following an increase of 28 per cent in the second quarter last year.
For the first half of 2019, J Crew sales decreased 6 per cent to $775.2 million. J Crew comparable sales decreased 3 per cent following a decrease of 3 per cent in the first half last year. Madewell sales increased 15 per cent to $272.6 million. Madewell comparable sales increased 10 per cent following an increase of 29 per cent in the first half last year.
"Our second quarter results reflect our ongoing commitment to returning J Crew to profitable growth over time. Our work to reignite the J Crew brand with new designs, assortments, and brand expressions is well underway and we remain focused on advancing our digital transformation and elevating customer engagement across channels, said Michael J Nicholson, interim chief executive officer of J Crew.
During the quarter, the company launched a multi-year cost-optimisation programme, which is expected to generate cost savings of approximately $50 million. This programme is expected to reduce overall costs and enable the company to move faster in the execution of our strategy. These actions, combined with our previously announced review of strategic alternatives, further support our initiatives to maximise value, position the company for long-term growth, and deleverage and strengthen our balance sheet."
JCrew group, is an internationally recognised omni-channel retailer of women's, men's and children's apparel, shoes and accessories. As of September 13, 2019, the company operates 192 J Crew retail stores, 133 Madewell stores, and 172 factory stores. (PC)
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