J. Crew Revenue Dips 3 Percent

Share this content:
J. Crew Group Inc. revenue for the first quarter of fiscal 2003 ended May 3 fell 3 percent to $161.5 million from $167.1 million a year ago, the company said yesterday.


Comparable-store sales plummeted 11 percent as net sales in its Direct business dropped 2 percent.


The New York company's net loss totaled $19.6 million versus a net loss of $12.1 million last year. The 2003 results do not include a tax benefit while the 2002 results include a tax benefit of $6.5 million. Earnings before interest, taxes, depreciation and amortization amounted to a loss of $2 million in the 2003 first quarter compared with a loss of $500,000 last year.


The results of operations in the 2003 first quarter reflect a fall in merchandise margins of $11 million from 40.1 percent in 2002 to 34.6 percent in 2003, offset by a decrease of $10 million in selling, general and administrative expenses including a decrease in severance of $4 million.


Selling, general and administrative expenses in first-quarter 2003, excluding severance costs, were down $6 million from last year. This decrease included $2 million in selling expenses attributable to a decrease in the number of catalog pages circulated and $4 million from cost reduction initiatives adopted in first-quarter 2002.


In other news:


· Chico's FAS Inc., Fort Myers, FL, said net sales in the first quarter of the current fiscal year ended May 3 skyrocketed 29.5 percent to $169 million from $130.5 million in the quarter ended May 4, 2002. Net income rose 18.2 percent to $23.4 million from $19.8 million in the year-ago quarter. Comparable-store sales for company-owned stores climbed 7.8 percent. Net sales by catalog and Internet in the 13 weeks ended May 3 totaled $5.68 million, or 3.4 percent of sales, compared with $3.58 million in the comparable period ended May 4, 2002, representing 2.8 percent of sales.


· PETsMART Inc., Phoenix, posted first-quarter net income of $24.6 million for the period ended May 4 versus $22.1 million in first-quarter 2002. Net sales in the quarter totaled $696.8 million, up from $645.8 million a year ago. Sales at stores open at least a year rose 4.8 percent compared with the first quarter a year ago when the company posted comparable-store sales growth of 12.1 percent. Pet services sales in the first quarter totaled $45.5 million, up $8.3 million or 22.3 percent.


Loading links....
close

Next Article in Multichannel Marketing

Sign up to our newsletters

Company of the Week

We recently were named B2B Magazine's Direct Marketing Agency of the Year, and with good reason: We make real, measureable, positive change happen for our clients. A full-service agency founded in 1974, Bader Rutter expertly helps you get the right message to the right audience at the right time through the right channels. As we engage our clients' audiences along their journey, direct marketing (email, direct mail, phone, SMS) and behavioral marketing (SEM, retargeting, contextual) channels deliver information relevant to the needs of each stage. We are experts at implementing and leveraging marketing technologies such as CRM and marketing automation in order to synchronize sales and marketing communications. Our team of architects and activators plan, execute, measure and adjust in real time to ensure the strategy is working as needed and change things if it's not.

Find out more here »

DMN's Career Center

Check out hundreds of exciting professional opportunities available on DMN's Career Center.  
Explore careers in digital marketing, sales, eCommerce, marketing communications, IT, data strategies, and much more. And don't forget to update your resume so employers can contact you privately about job opportunities.

>>Click Here