Thursday, March 21, 2019

J.Crew swings to Q4 loss; taking ‘immediate’ action to reverse course

Chain Store Age
J.Crew Group struggled in the fourth quarter amid inventory write-downs and strategies that ultimately proved unsuccessful.

The apparel retailer reported a net loss of $74.4 million for the quarter ended Feb. 2, compared with net income of $34.7 million in year-ago period. The fourth quarter loss reflects the impact of excess inventory write-downs, the company said.

Total revenues increased 3% to $733.8 million. Total same-store sales increased 9% following a decrease of 3% in the year-ago period. . . . more