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Home / Knowledge / News / Fashion / J.Crew's retail & factory stores sales grow in Q3

J.Crew's retail & factory stores sales grow in Q3

15
Dec '05
Leading apparel, shoes and accessories retailer J.Crew announced that its operating income for the thirteen weeks ended October 29, 2005 increased by 69 Percent or $9 million to $22 million, compared to $13 million in the comparable period last year.

This increase was driven primarily by an 8 Percent increase in revenues and higher gross margins.

Consolidated revenues for the thirteen weeks ended October 29, 2005 increased by 8 Percent to $223 million from $206 million last year. Store sales (which consists of Retail and Factory stores) increased by 5 Percent to $161 million.

Comparable store sales increased by 3 Percent, compared to a particularly strong 30 Percent increase in the third quarter of 2004. Direct sales (which consists of Internet and Catalog) increased by 19 Percent to $56 million, as compared to $47 million last year.

Gross margin in the third quarter increased to 44 Percent from 43 Percent last year, primarily attributable to lower markdowns in all channels.

Selling, general and administrative expenses were approximately $76 million in the third quarter of 2005 and 2004, representing 34 Percent of revenues in 2005 and 37 Percent in 2004.

Net income for the third quarter increased to $3 million, compared to a $10 million loss in the prior year. This increase resulted from the $9 million increase in operating income and a $4 million decrease in interest expense as a result of the debt refinancing in the fourth quarter of 2004.


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