J.Crew Q1 revenue rises by 23%

J.Crew group, announced financial results for three months ended April 28, 2012.

The revenue increased by 23% to $503.5 million. Comparable company sales increased 16%, in the first quarter last year it decreased by 3%. Store sales increased 26% to $354.0 million.

J.Crew direct sales increased by 19% to $143.4 million following an increase of 5% in the first quarter last year. The gross margin increased to 47.6% from 44.7% in the first quarter last year. Sales, general and administrative expenses increased to $164.2 million, or 32.6% of revenue, from $131.1 million, or 32.0% of revenue, in the first quarter last year. Operating income increased 45% to $75.7 million, or 15.0% of revenue, compared to $52.0 million, or 12.7% of revenue, in the first quarter last year. Net income was $30.7 million compared to $16.2 million in the first quarter last year. Adjusted EBITDA increased $26.9 million to $101.6 million compared to $74.7 million in the first quarter last year.

On March 7, 2011, J.Crew was acquired by Chinos Holdings, a company formed by investment funds affiliated with TPG Capital, L.P. and Leonard Green & Partners, L.P. The group, is a multi-channel retailer of women's, men's and children's apparel, shoes and accessories. As of May 30, 2012, the company operates 277 retail stores (including 229 J.Crew retail stores, nine Crewcuts stores and 39 Madewell stores