Q4, Year-End Results Are Down for J. Crew

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Merchandising mistakes were among the factors that led to disappointing results announced yesterday by J. Crew Group Inc.

Revenue during the fourth quarter of fiscal 2001, which ended Feb. 2, totaled $246.7 million, down from $286.7 million for the 2000 fourth quarter. The 2000 fourth quarter included 14 weeks compared to 13 during the 2001 fiscal year.

Comparable store sales dropped 18.7 percent during the fiscal fourth quarter as net sales in J. Crew's direct business fell 12.6 percent during the comparable 13-week period. Earnings before interest, taxes, depreciation and amortization totaled $31.6 million compared to $49.3 million during the fiscal fourth quarter of 2000. Net income amounted to $6.7 million compared to $17.6 million.

Revenue was $778 million for the 52-week period ended Feb. 2, compared to $826 million during the 53-week period ended Feb. 2, 2001. Comparable store sales fell 15.5 percent during the 52-week period as net sales in J. Crew's direct business were down 8.8 percent from the 2000 fiscal year. The net loss for fiscal 2001 was $11 million, compared to net income of $11.9 million a year ago.

"We cut costs, lowered inventories and made changes within our merchandising and design teams," said CEO Mark Sarvary in a statement. "Despite the difficulties, we made important progress operationally, improving our supply chain and enhancing our infrastructure through key systems upgrades."


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