J. Crew Cautious After Q3 Loss

J. Crew Group Inc. CEO Ken Pilot said his company had a "cautious" outlook yesterday after reporting a fiscal third-quarter 2002 loss of $655,000 and declining sales revenue heading into the Christmas sales season.

The apparel retailer reported total revenue for the 13-week quarter, which ended Nov. 2, of $189.9 million, compared with revenue of $195.6 million and a net income of $256,000 in the same period last year.

Net sales for J. Crew Direct, which include the retailer's catalog business, fell 8.7 percent for the quarter compared with last year.

"Despite the strengthening of our trend in October, we enter the holiday season with a cautious outlook given the difficult macro environment," Pilot said in a statement.

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