In the reported quarter, selling, general and administrative expenses were $189.8 million, or 32.8 per cent of revenues, compared to $200.8 million, or 37.2 per cent of revenues in the first quarter last year. This year includes transformation, transaction and severance costs of $6.4 million and a benefit of $6.0 million related to the lease termination payment in connection with our corporate headquarters relocation. Last year included transformation, transaction and severance costs of $6.5 million. Excluding these items, selling, general and administrative expenses were $189.4 million, or 32.7 per cent of revenues, compared to $194.3 million, or 36.0 per cent of revenues, in the first quarter last year.
"We are encouraged by the meaningful progress we have made in the first quarter, reporting a 31 per cent increase in adjusted EBITDA driven by continued momentum at Madewell and the early impact of our swift actions to improve profitability at J.Crew. As we look ahead, we are optimistic about our plans to reignite the J.Crew Brand with new designs, assortments and brand expressions, and remain steadfast in our commitment towards achieving Madewell's long-term growth potential as a leading global brand," Michael J Nicholson, interim chief executive officer, said. (RR)
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