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J Crew raises forecast despite wider loss in Q2

25
Aug '06
Preppy retailer J Crew Group Inc has announced financial results for the three and six months ended July 29, 2006.

For the three months ended July 29, 2006:

-- Revenues for the second quarter increased 17% to $269.2 million from $229.4 million in the second quarter of fiscal 2005. Store sales (Retail and Factory) increased 21% to $197.4 million, with comparable store sales increasing 16%. Comparable store sales rose 15% in the second quarter of fiscal 2005. Direct sales (Internet and Catalog) for the second quarter rose by 7% to $62.8 million.

-- Operating income increased 33% to $26.8 million compared to $20.1 million in the second quarter of fiscal 2005.

-- Net loss applicable to common stockholders was $2.8 million, or $(0.08) per diluted share, compared to $1.6 million, or $(0.07) per diluted share in the second quarter of fiscal 2005. Net loss in the second quarter of fiscal 2006 includes pre-tax charges of $10.0 million related to the refinancing of debt and $0.5 million for stock option expense related to SFAS 123(R) which was not applicable in fiscal 2005. Excluding these items net income would have been $7.2 million, or $0.20 per diluted share.

Millard Drexler, J Crew's Chairman and CEO stated: "We are pleased with our second quarter results, and look forward to building on the new foundation we have created for J Crew Group. Our team is focused on driving productivity across all areas of the business, and we are confidentabout our near and long-term prospects."


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