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J Crew swings back to full-year profit

25
Apr '06
Apparel retailer J Crew Group Inc has announced its financial results for the fourth quarter and fiscal year ended January 28th 2006.

Consolidated revenues for the thirteen weeks ended January 28th 2006 increased by 10 percent to $290 million from $264 million last year. Stores sales (Retail and Factory) for the quarter increased by 10 percent to $201 million, with comparable store sales up 8 percent. Direct sales (Internet and Catalog) increased by 11 percent to $80 million.

Gross margin for the fourth quarter decreased to 37 percent from 39 percent last year, as a result of increased markdowns. Operating income decreased by $5 million to $15 million in the fourth quarter. The net loss for the fourth quarter was $6 million compared to last year's $52 million, which included a $50 million loss on the refinancing of debt.

Consolidated revenues for the fifty-two weeks ended January 28th 2006 increased by 19 percent to $953 million. Stores sales for the year increased by 16 percent to $670 million, primarily as a result of a comparable store sales increase of 13 percent. Direct sales increased by 28 percent to $254 million.

Gross margin for the year increased to 42 percent from 40 percent last year due to higher full price sell-through during the first half of the year. Operating income for the year increased by $42 million or 105 percent to $80 million compared to $38 million last year, driven primarily by the strong sales trend across all channels.


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