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J. Crew witnesses revenue rise of 6 percent in Q2

By FashionUnited

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REPORT_ J. Crew Group announced financial results

for the second quarter and first half of fiscal 2013 with second revenues increasing to 6 percent to 559.1 million dollars. Comparable company sales decreased 1 percent. When realigning last year to be consistent with the current year retail calendar, comparable company sales increased 1 percent on top of an increase of 14 percent in the second quarter last year.

Store sales of the New York based company increased 4 percent to 399.1 million dollars on top of an increase of 24 percent in the second quarter last year. Direct sales increased 13 percent following an increase of 16 percent in the second quarter last year. Gross margin decreased to 41.1 percent from 45.1 percent in the second quarter last year. Net income was 17.5 million dollars compared to 22.0 million dollars in the second quarter last year.

In the first half, company’s revenues increased 9 percent to 1,123.2 million dollars, with comparable company sales increasing 2 percent (which was the same on a realigned basis) on top of an increase of 15 percent in the first half last year. Store sales increased 6 percent on top of an increase of 25 percent in the first half last year. Direct sales increased 18 percent following an increase of 17 percent in the first half last year.

Gross margin decreased to 42.9 percent from 46.3 percent in the first half last year. Net income was 46.8 million dollars compared to 52.7 million dollars in the first half last year.
J CREW
J.Crew Group