Monday, September 16, 2019

J. Crew net loss grows in Q2

Chain Store Age
The specialty apparel retailer reported essentially flat total revenues of $588.8 million, while same-store sales declined 1% from the prior-year period. Net loss grew to $44.2 million compared to $6.1 million in the second quarter the previous year. J. Crew said net loss during fiscal 2019 and 2018 were impacted by transaction, transformation and severance costs and a benefit related to the lease termination payment.

One bright spot was performance of the company’s Madewell subsidiary, which it launched in 2006 as a separate, more casual and denim-based brand. Madewell sales increased 15% to $139.7 million from $121.6 million, and Madewell same-store sales rose 10%. . . . more