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J Crew records Q1 2017 gross margin of 35.4%
14
Jun '17
The gross margin of apparel marketer J Crew for the first quarter of 2017 was recorded at 35.4 per cent compared to 36.1 per cent in the first quarter of previous year. The company's sales decreased 11 per cent to $428.5 million. Its comparable sales also decreased 12 per cent following a reduction of 8 per cent in the first quarter of last year.

For the reported quarter, the company's selling, general and administrative expenses were $210.4 million, or 39.6 per cent of revenues, compared to $192.2 million, or 33.9 per cent of revenues in the first quarter of last year. Adjusted EBITDA was $26.6 million for the first quarter of 2017 in comparison to $45.4 million in the first quarter of last year. Its total revenues also decreased 6 per cent to $532.0 million.

"While we are disappointed with our first quarter earnings, we are optimistic regarding the work we have underway to improve our business. We have a clear vision and action plan in place to meet our customers' needs - wherever and however they choose to shop. I look forward to transitioning my role to chairman and to working with our new CEO, Jim Brett, as he takes the reins in July and continues to position J Crew for long term success," Millard Drexler, chairman and chief executive officer said. (RR)

Fibre2Fashion News Desk – India


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