J.CREW SEES REVENUE AND SALES DECREASE IN FIRST QUARTER
J.Crew Group, Inc. has announced financial results for the three months ended April 30, 2016. Total revenues decreased 3 percent to $567.5 million. Comparable company sales decreased 7 percent following a decrease of 8 percent in the first quarter last year.
While its Madewell women’s division’s sales were up sharply, an increase of 17 percent to $72.5 million, J.Crew sales decreased 6 percent to $480.7 million, and comparable sales decreased 8 percent.
“Overall, we have been aggressive in managing all aspects of our business in a challenging retail environment while continuing to focus on delivering the very best product and brand experience for our customers across all channels,” said CEO and chairman Millard Drexler. “We look forward to the contributions from our assortment and merchandising strategies within our J.Crew brand, the continued growth of Madewell and Mercantile and other key operational initiatives including our SG&A, sourcing and supply chain optimization programs.”
