J.Crew Streamlines Management
J.Crew released a mix of news on Friday that included a shakeup of upper management positions as well as a small rise in its first-quarter revenues.The first quarter saw revenues increase to $167.8 million from $166.9 million in the year-ago quarter. Its direct business, however, saw net sales decrease to $55.7 million compared with $60.2 million in the same period last year. Retail-store sales rose 7.7 percent to $84.8 million from $78.7 million in first quarter 2000.
The cataloger and retailer also announced changes in upper-level positions that are intended to streamline management. It eliminated the position of president, which had been held by Trudy Sullivan. The company named Michael Scandiffio executive vice president of men's business. Carol Sharpe, who previously was executive vice president of merchandising, becomes executive vice president of women's business. She is now responsible for women's and children's merchandising and product development.
As of May 5, the company operated 112 retail stores, the J.Crew catalog business, jcrew.com and 41 factory outlet stores.
