Apparel retailer J.Crew Group Inc has announced its financial results for the first quarter ended April 29th 2006.
Consolidated revenues for the thirteen weeks ended April 29th 2006 increased by 14 percent to $240 million from $211 million last year.
Stores sales (Retail and Factory) for the first quarter of 2006 increased by 15 percent to $167 million, with comparable store sales up 12 percent. Comparable store sales for the first quarter of 2005 were up 37 percent. Direct sales (Internet and Catalog) for the first quarter of 2006 increased by 12 percent to $66 million.
Gross margin was 45 percent in the 2006 first quarter compared to 46 percent in 2005. Selling, general and administrative expenses were $81 million (34 percent of revenues) in the 2006 first quarter compared to $74 million (35 percent of revenues) in 2005. Interest expense was up $2 million in 2006 primarily as a result of an increase in non-cash preferred stock dividends.
Operating income increased by $5 million to $28 million in the 2006 first quarter while net income was $8 million compared to $5 million last year.
There were no outstanding borrowings under the company's working capital facility during the first quarters of 2005 and 2006.
J.Crew Group Inc is a nationally recognized multi-channel retailer of women's and men's apparel, shoes and accessories. It operates 164 retail stores, the J.Crew catalog business, jcrew.com, and 45 factory outlet stores.
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