J. Crew Group Inc announced financial results for the three and nine months ended October 28, 2006.
For the three months ended October 28, 2006: Revenues increased 23 percent to $275.6 million. Store sales (Retail and Factory) increased 26 percent to $202.2 million, with comparable store sales increasing 19 percent.
Comparable store sales rose 3 percent in the third quarter of fiscal 2005. Direct sales (Internet and Catalog) rose by 18 percent to $66.3 million.
Operating income increased 51 percent to $33.2 million, compared to $22.0 million in the third quarter of fiscal 2005.
Net income applicable to common stockholders was $26.0 million, or $0.40 per diluted share, compared to a net loss of $(0.3) million, or $(0.01) per diluted share, in the third quarter of fiscal 2005.
Net income in the third quarter of fiscal 2006 includes $0.5 million of stock option expense related to the adoption of SFAS 123(R), which was not applicable in fiscal 2005.
Adjusted net income for the third quarter of fiscal 2006 totaled $17.2 million or $0.27 per diluted share. A reconciliation of net income on a GAAP basis to adjusted net income is included in Exhibit (3) of this press release.
Millard Drexler, J. Crew's Chairman and CEO stated: "We are pleased to report a 51 percent increase in third quarter operating income. Our results were driven by better than expected sales gains across each of our channels, demonstrating solidexecution and the strength of the J. Crew brand."
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