J. Crew Swings to a Profit
NEW YORK – J. Crew Group announced second quarter earnings of $20.6 million (32 cents per share), a major increase over last year’s second quarter loss of $2.8 million (-8 cents per share). Sales in the company’s 189 retail stores and 55 outlet stores went up 11 percent to $219.6 million. Same store sales increased four percent.
Catalog and Web sales were also up: 19 percent to $74.5 million.
CEO Millard “Mickey” Drexler said in a statement, “We are pleased with our second quarter and first six months results. Our team continues to be focused on the level of design, quality, style and detail that our customers have come to expect from us.”
J. Crew’s earnings beat analyst predictions of 29 cents per share, but according to the Associated Press, Wall Street was disappointed; shares fell in trading after market close.
