J. CREW CONTINUES LOSSES AMID DECLINING STORE TRAFFIC
American sportswear retailer J. Crew Group, Inc. has announced financial results for the second quarter and first half of fiscal 2016.
In the second quarter, net loss was $8.6 million compared to $13.6 million in the second quarter last year. Total revenues decreased 4 percent to $569.8 million. Comparable company sales decreased 8 percent. The company’s J. Crew division saw a 6 percent decrease sales to 467.7 million.
For the first half of the year, net loss was $16.7 million compared to $476 million in the first half last year. Total revenues decreased 3 percent to $1,137.3 million. Comparable company sales decreased 7 percent. The company’s J. Crew division saw a 6 percent decrease to $957.5 million.
“I am pleased with the steps we are taking to improve our core business in a challenging traffic environment,” said Millard Drexler, the company’s chairman and CEO. “Looking ahead, we are focused on driving sales productivity with exciting new merchandising and marketing initiatives that are expected to enhance customer loyalty and extend our brand reach. We have several key operational initiatives underway that we believe position us to optimize our global sourcing and supply chain and we will continue to review all aspects of our business to drive further efficiencies. Overall, I am encouraged by the work that the teams are doing as we evolve our business to maximize the power of the J. Crew and Madewell brands.”
As of August 31, 2016, the company operates 287 J. Crew retail stores, 108 Madewell stores, jcrew.com, jcrewfactory.com, the J. Crew catalog, madewell.com, the Madewell catalog, and 170 factory stores (including 27 J. Crew Mercantile stores).
