For the reported quarter, the company's selling, general and administrative expenses were $210.4 million, or 39.6 per cent of revenues, compared to $192.2 million, or 33.9 per cent of revenues in the first quarter of last year. Adjusted EBITDA was $26.6 million for the first quarter of 2017 in comparison to $45.4 million in the first quarter of last year. Its total revenues also decreased 6 per cent to $532.0 million.
"While we are disappointed with our first quarter earnings, we are optimistic regarding the work we have underway to improve our business. We have a clear vision and action plan in place to meet our customers' needs - wherever and however they choose to shop. I look forward to transitioning my role to chairman and to working with our new CEO, Jim Brett, as he takes the reins in July and continues to position J Crew for long term success," Millard Drexler, chairman and chief executive officer said. (RR)
Fibre2Fashion News Desk – India