J.Crew Q2 sales down 4 percent

J.Crew Group revenues for the second quarter decreased 4 percent to 569.8 million dollars and first half revenues were down 3 percent to 1,137.3 million dollars. Comparable company sales decreased 8 percent during the quarter and 7 percent in the first half.

”I am pleased with the steps we are taking to improve our core business in a challenging traffic environment. 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,” said Millard Drexler, Chairman and CEO of the company.

Review of the second quarter

J.Crew sales decreased 6 percent to 476.7 million dollars with comparable sales decreasing 9 percent. Madewell sales increased 15 percent to 78.3 million dollars and comparable sales increased 3 percent following an increase of 8 percent in the second quarter last year.

Operating income was 6.7 million dollars compared to 2.6 million dollars in the second quarter last year. Net loss was 8.6 million dollars compared to 13.6 million dollars in the second quarter last year. Adjusted EBITDA was 38.3 million dollars compared to 41 million dollars, same quarter last year.

First half result highlights

J.Crew sales decreased 6 percent to 957.5 million dollars and comparable sales decreased 9 percent in the first half of this year. Madewell sales increased 16 percent to 150.7 million dollars with comparable sales increase of 4 percent following an increase of 10 percent in the first half last year.

Net loss was 16.7 million dollars compared to 476 million dollars in the first half last year. Adjusted EBITDA was 83.7 million dollars compared to 85.8 million dollars in the first half last year.

Picture:Madewell