Leading apparel, shoes and accessories retailer J.Crew announced its operating income for the thirteen weeks ended April 30, 2005 was $23 million compared to an operating loss of $3 million last year, as the Company continues to benefit from the revitalization of the J. Crew brand.
Millard Drexler, Chairman and CEO, said, "They are pleased with our first quarter results with a comp store sales increase of 37% and significant growth in our Direct business. Our continuing focus on quality, style and design, along with endless attention to our customers' needs, is reflected in J.Crew's performance.
I might add that the scarcity of our merchandise in last year's first quarter also helped contribute to this quarter's strong comp performance."
Selling, general and administrative expenses during the quarter were $74 million, or 35% of revenues, compared to $64 million, or 44% of revenues in the prior year. The decrease as a percentage of revenues was driven primarily by leverage on fixed operating expenses due to the significant increase in net sales.
Net income for the first quarter was $5 million compared to a net loss of $24 million in the prior year.
Consolidated revenues for the first quarter increased 45% to $211 million from $146 million in the comparable period last year. Retail net sales (including Factory) increased by 40% to $146 million from $104 million last year due primarily to a comparable store sales increase of 37%. Netsales of the Direct business (Internet and catalog) increased by 59% to $59 million as compared to $37 million.
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