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J.Crew posts Q2 comparable sales growth of 5 percent

By Prachi Singh

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Report

J.Crew Group, Inc. reported total revenue increase of 3 percent to 587.6 million dollars, while the company’s comparable sales increased 5 percent following a decrease of 5 percent in the second quarter last year. The company’s total revenues for the first half period increased 3 percent to 1,128 million dollars, while comparable company sales increased 3 percent following a decrease of 7 percent in the first half last year.

Commenting on the company’s results, Jim Brett, J.Crew’s Chief Executive Officer, said in a statement: "As we report an acceleration in comparable sales growth for the company to 5 percent, we also celebrate a watershed moment as we return to positive comparable growth in our J.Crew brand for the first time in four years and continued stellar performance at Madewell with 28 percent comparable sales growth – which we believe puts Madewell solidly on a path to becoming a 1 billion dollars brand. The third quarter will reflect the next evolution of our products, brands, experiences and culture, designed to reflect today's America."

Highlights of J.Crew’s Q2 performance

J.Crew brand sales decreased 5 percent to 428.9 million dollars, while comparable sales increased 1 percent following a decrease of 8 percent in the second quarter last year. Madewell sales, the company said, increased 29 percent to 121.7 million dollars and comparable sales increased 28 percent following an increase of 12 percent in the second quarter last year.

Gross margin for the quarter increased to 38.5 percent from 38.2 percent in the second quarter last year. Operating income was 33.3 million dollars compared to 4.8 million dollars in the second quarter last year. Net loss was 6.1 million dollars compared to 18.5 million dollars in the second quarter last year. Adjusted EBITDA was 54.2 million dollars compared to 65.3 million dollars in the second quarter last year.

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Review of J.Crew’s first half results

In the first half, J.Crew sales decreased 6 percent to 820.7 million dollars, while comparable sales decreased 3 percent following a decrease of 10 percent in the first half last year. Madewell sales increased 34 percent to 237.5 million dollars and Madewell comparable sales increased 29 percent following an increase of 12 percent in the first half last year.

Gross margin increased to 38.4 percent from 37.2 percent in the first half last year. Operating income was 32.4 million dollars compared with operating loss of 146.3 million dollars in the first half last year. Net loss was 40 million dollars compared to 139.5 million dollars in the first half last year. Adjusted EBITDA was 91.1 million dollars compared to 94.2 million dollars in the first half last year.

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Picture:Facebook/J.Crew

J Crew