J.Crew Sees Small Revenue Increase

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J. Crew Group Inc., New York, reported revenue of $56.6 million for the four weeks ended June 1, compared with $56 million in the four weeks ended June 2, 2001. Comparable-store sales for the Retail division decreased 10.8 percent for the four weeks ended June 1 compared with the four-week period last year. Net sales for the Direct division rose 1 percent for the period. Revenue for the 17 weeks ended June 1 totaled $223.7 million, compared with $223.8 million for the 17 weeks ended June 2, 2001. Comparable-store sales for the Retail division fell 12.4 percent for the 17-week period. Net sales for the Direct division increased 1 percent.


In other news:


·The Spiegel Group, Downers Grove, IL, on yesterday reported sales of $169.9 million for the four weeks ended May 25, down 24 percent from $223 million for the period ended May 26, 2001.


For the 21 weeks ended May 25, sales fell 16 percent to $873.9 million from $1.040 billion in the same period last year.


The company also said that comparable-store sales for its Eddie Bauer division dropped 21 percent for the four-week period and 17 percent for the 21-week period ended May 25. The company said unseasonably cool weather hurt sales of summer apparel.


The group's sales by division for May reflect a decline of 23 percent at Eddie Bauer, 29 percent at Newport News and 22 percent at Spiegel Catalog. Results reflect lower catalog circulation compared with last year. Also, Eddie Bauer reduced promotional activity, resulting in increased margins at lower sales levels. Sales results for Newport News and Spiegel Catalog continue to be affected by more stringent credit-granting measures taken in the company's private-label credit card business aimed at improving the quality of the credit card portfolio.


Sales from the group's e-commerce channel fell 3 percent in the month. Total direct sales declined 27 percent, and the group's retail store sales decreased 19 percent.


·Sears, Roebuck and Co., Hoffman Estates, IL, said that domestic store revenue for the four weeks ended June 1 totaled $2.3 billion, down 1.5 percent from the four weeks ended June 2, 2001. Comparable domestic store revenue decreased 4.4 percent.


· Abercrombie & Fitch, New Albany, OH, reported net sales of $85.2 million for the four weeks ended June 1 compared with $73.8 million in the four weeks ended June 2, 2001. May comparable-store sales fell 9 percent. Year-to-date, the company reported a net sales increase of 18 percent to $398 million from $337.5 million last year. Comparable-store sales fell 7 percent for the year-to-date period.


· Limited Brands, Columbus, OH, reported a comparable-store sales increase of 5 percent for the four weeks ended June 1 compared with the four weeks ended June 2, 2001. Net sales totaled $671.2 million, up 8 percent from adjusted sales of $619 million last year. Adjusted sales in 2001 exclude sales from Lane Bryant, which was sold to Charming Shoppes Inc. in August. Net sales in the four weeks ended June 2, 2001, including Lane Bryant, totaled $701.7 million. The company reported a comparable-store sales increase of 4 percent for the 17 weeks ended June 1 compared with the 17 weeks ended June 2, 2001. Net sales were $2.698 billion, an increase of 8 percent from adjusted sales of $2.509 billion last year. Net sales for the 17 weeks ended June 2, 2001, including Lane Bryant, totaled $2.829 billion.


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