J.Crew Posts $12.1M Loss

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J.Crew Corp. posted a net loss of $12.1 million for the fiscal quarter that ended May 4 and said revenue was down slightly from the same period in the 2001 fiscal year.


The loss included a $4.6 million charge related to "headcount reductions" and the resignation of company CEO Mark Sarvary in May. Without the severance charges, the overall loss for the first quarter of J.Crew's fiscal 2002 would have been $9.1 million.


Revenue for the period was $167.1 million. In the first quarter of fiscal 2001, J.Crew posted a loss of $9.3 million and revenue of $167.8 million.


J.Crew operates 140 retail stores, 41 factory outlets, a catalog business and jcrew.com. E-commerce accounts for half of the company's sales.


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