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J.Crew revenues rise 9 percent in 2013

By FashionUnited

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Fashion

REPORT_ J.Crew Group in its financial results for the fiscal year ended February 1, 2014 said that revenues increased 9 percent to 2,428.3 million dollars, with comparable company sales increasing 3 percent (which was the same on a realigned basis) on top of an increase of 13 percent

last year. In the fourth quarter, revenues increased 7 percent to 686.2 million dollars, with comparable company sales increasing 3 percent.


Store

sales in 2013 increased 6 percent to 1,638.2 million dollars on top of an increase of 21 percent last year. Direct sales increased 16 percent to 755.9 million dollars following an increase of 19 percent last year, whereas gross margin was 41.4 percent compared to 44.3 percent last year.

When realigning last year to be consistent with the current year retail calendar, comparable sales of the New York headquartered company increased 4 percent in the fourth quarter on top of an increase of 11 percent in the fourth quarter last year. Store sales increased 5 percent to 438.6 million dollars on top of an increase of 18 percent in the fourth quarter last year. Direct sales increased 10 percent to 238.1 million dollars following an increase of 27 percent in the fourth quarter last year. Gross margin was 36.8 percent compared to 38.4 percent in the fourth quarter last year.

Operating income was 37.6 million dollars, or 5.5 percent of revenues, compared to 41.4 million dollars, or 6.4 percent of revenues, in the fourth quarter last year, whereas net income was 5.9 million dollars compared to 10.2 million dollars in the fourth quarter last year. Adjusted EBITDA increased to 75.7 million dollars from 70.4 million dollars in the fourth quarter last year.

In 2013, operating income was 249.9 million dollars, or 10.3 percent of revenues, compared to 253.7 million dollars, or 11.4 percent of revenues, last year. Net income was 88.1 million dollars compared to 96.1 million dollars last year. Adjusted EBITDA increased to 370.2 million dollars from 359.6 million dollars last year.

J CREW