J. Crew Treads Water With Q2 Revenue
Revenue for J. Crew Group's second quarter that ended Aug. 3 was $167.6 million, virtually unchanged from $167.9 million last year. Comparable-store sales fell 11.4 percent in the quarter while net sales in J. Crew's direct business rose 1.5 percent.Earnings before interest, taxes, depreciation and amortization reached $6 million, up from $2.5 million last year. The net loss was $7.1 million, compared with a net loss of $8.6 million last year. Revenue for the 26 weeks ended Aug. 3 totaled $334.7 million, down from $335.7 million last year. Comparable-store sales fell 12.2 percent in the 26-week period while net sales in the New York-based company's direct business rose 1 percent.
The net loss was $19.2 million, up from $17.9 million last year. This year's first half was hurt by $4.8 million in severance costs compared with $2.2 million in the 2001 period.
