Clothing retailer J.Crew revenues jump 12% in Q3

02 Dec '11

4 min read

• Operating income was $46.2 million, or 3.5% of revenues, compared to $198.5 million, or 15.9% of revenues, in the first nine months last year. Operating income includes transaction-related costs and the impact of purchase accounting of $132.9 million.
• Net loss was $18.8 million compared with net income of $117.5 million in the first nine months last year. Net loss includes (i) transaction-related costs and the impact of purchase accounting noted above and (ii) increased interest expense as a result of debt incurred in connection with the acquisition.
• Adjusted EBITDA was $222.7 million compared to $236.6 million in the first nine months last year.

Balance Sheet highlights as of October 29, 2011:
• Cash and cash equivalents were $142.7 million at the end of the third quarter compared to $311.7 million at the end of the third quarter last year.
• Total debt was $1,597 million at the end of the third quarter, including the seven-year senior secured term loan of $1,197 million and the eight-year senior unsecured notes of $400 million, incurred in connection with the acquisition, compared with no debt outstanding at the end of the third quarter last year.
• Inventories at the end of the third quarter were $291.7 million (including $1.7 million of inventory step-up from purchase accounting), compared to $261.0 million at the end of the third quarter last year. Inventory per square foot (excluding inventory step-up) increased 4% compared to the third quarter last year.

J.Crew Group Inc. is a nationally recognized multi-channel retailer of women's, men's and children's apparel, shoes and accessories. As of November 30, 2011, the Company operates 269 retail stores (including 226 J.Crew retail stores, 10 crewcuts stores and 33 Madewell stores) and 96 factory outlet stores.

J.Crew Group Inc

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