For the three months ended July 30, 2016, total sales at J Crew dropped 4 per cent year over year to $569.8 million, while comparable sales dipped 8 per cent following a decline of 11 per cent in the prior fiscal's second quarter. Of this, J Crew brand sales fell 6 per cent to $476.7 million, while Madewell brand revenue rose 15 per cent to $78.3 million.
In the second quarter of fiscal 2017, gross margin stood higher by 140 bps at 35.7 per cent as against 34.3 per cent in the previous fiscal's corresponding quarter.
In the reporting quarter, operating income amounted to $6.7 million vis-à-vis $2.6 million in the fiscal ago quarter.
According to the apparel marketer, in the second quarter of fiscal 2016, operating income included a charge of $4.5 million for severance and related costs and pre-tax, non-cash impairment charges of $1.0 million.
The company was able to drastically reduce its net loss in the quarter under review to $8.6 million compared to $13.6 million in the second quarter of earlier fiscal. (AR)
Fibre2Fashion News Desk – India