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Sales surge 23% at apparel retailer J.Crew in Q1 FY'12
31 May '12
2 min read
J.Crew Group Inc. announced financial results for the three months ended April 28, 2012.
On March 7, 2011, J.Crew was acquired by Chinos Holdings, Inc., a company formed by investment funds affiliated with TPG Capital, L.P. and Leonard Green & Partners, L.P. Although the Company continued as the same legal entity after the acquisition, last year's financial statements were prepared for the following periods:
(i) March 8, 2011 to April 30, 2011 (Successor) and
(ii) January 30, 2011 to March 7, 2011 (Predecessor).
First Quarter highlights:
• Revenues increased 23% to $503.5 million, with comparable company sales increasing 16%. Comparable company sales decreased 3% in the first quarter last year. Store sales increased 26% to $354.0 million. Store sales decreased 3% in the first quarter last year. Direct sales increased 19% to $143.4 million following an increase of 5% in the first quarter last year.
• Gross margin increased to 47.6% from 44.7% in the first quarter last year.
• Selling, general and administrative expenses increased to $164.2 million, or 32.6% of revenues, from $131.1 million, or 32.0% of revenues, in the first quarter last year.
• Operating income increased 45% to $75.7 million, or 15.0% of revenues, compared to $52.0 million, or 12.7% of revenues, in the first quarter last year.
• Net income was $30.7 million compared to $16.2 million in the first quarter last year.
• Adjusted EBITDA increased $26.9 million to $101.6 million compared to $74.7 million in the first quarter last year. An explanation of how we use Adjusted EBITDA and reconciliation to GAAP measures are included in Exhibit.
Balance Sheet highlights:
• Cash and cash equivalents were $216.1 million compared to $280.5 million at the first quarter end last year.
• Total debt was $1,591 million, consisting of the seven-year senior secured term loan of $1,191 million and the eight-year senior unsecured notes of $400 million, incurred in connection with the acquisition, compared with $1,600 million at the first quarter end last year.
• Inventories were $250.6 million compared to $265.6 million at the first quarter end last year. Inventories last year included a purchase accounting step-up adjustment and higher in-transit inventories compared to this year. Inventories and inventories per square foot, adjusted for purchase accounting and in-transit last year, increased 14% and 6%, respectively.
J.Crew Group Inc. is a nationally recognized multi-channel retailer of women's, men's and children's apparel, shoes and accessories.
On March 7, 2011, J.Crew was acquired by Chinos Holdings, Inc., a company formed by investment funds affiliated with TPG Capital, L.P. and Leonard Green & Partners, L.P. Although the Company continued as the same legal entity after the acquisition, last year's financial statements were prepared for the following periods:
(i) March 8, 2011 to April 30, 2011 (Successor) and
(ii) January 30, 2011 to March 7, 2011 (Predecessor).
First Quarter highlights:
• Revenues increased 23% to $503.5 million, with comparable company sales increasing 16%. Comparable company sales decreased 3% in the first quarter last year. Store sales increased 26% to $354.0 million. Store sales decreased 3% in the first quarter last year. Direct sales increased 19% to $143.4 million following an increase of 5% in the first quarter last year.
• Gross margin increased to 47.6% from 44.7% in the first quarter last year.
• Selling, general and administrative expenses increased to $164.2 million, or 32.6% of revenues, from $131.1 million, or 32.0% of revenues, in the first quarter last year.
• Operating income increased 45% to $75.7 million, or 15.0% of revenues, compared to $52.0 million, or 12.7% of revenues, in the first quarter last year.
• Net income was $30.7 million compared to $16.2 million in the first quarter last year.
• Adjusted EBITDA increased $26.9 million to $101.6 million compared to $74.7 million in the first quarter last year. An explanation of how we use Adjusted EBITDA and reconciliation to GAAP measures are included in Exhibit.
Balance Sheet highlights:
• Cash and cash equivalents were $216.1 million compared to $280.5 million at the first quarter end last year.
• Total debt was $1,591 million, consisting of the seven-year senior secured term loan of $1,191 million and the eight-year senior unsecured notes of $400 million, incurred in connection with the acquisition, compared with $1,600 million at the first quarter end last year.
• Inventories were $250.6 million compared to $265.6 million at the first quarter end last year. Inventories last year included a purchase accounting step-up adjustment and higher in-transit inventories compared to this year. Inventories and inventories per square foot, adjusted for purchase accounting and in-transit last year, increased 14% and 6%, respectively.
J.Crew Group Inc. is a nationally recognized multi-channel retailer of women's, men's and children's apparel, shoes and accessories.
J.Crew Group Inc
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