J. Crew Q1 sales slip under $500 million, Madewell thrives
J. Crew Group, Inc. reported its first quarter financial results for the three months ended on April 30, 2016.
First quarter total revenues decreased 3% to $567.5 million, and comparable company sales decreased 7% following an 8% decrease in first quarter sales last year. J. Crew sales decreased 6% to $480.7 million with J. Crew comparable sales decreasing 8% compared to a 10% decrease from last year.
Madewell performed much better with sales increasing 17% to $72.5 million. Madewell comparable sales increased 6% versus a 12% increase in the first quarter of 2015.
Gross margin was 36.1% compared to 37.2% in the previous first quarter, SG&A expenses were $192.2 million, or 33.9% of revenues, compared to $203.8 million, or 35.0% of revenues, net loss was $8.0 million versus $462.4 million and adjusted EBITDA increased to $45.4 million from $44.8 million.
Millard Drexler, Chairman and Chief Executive Officer, commented, "Overall, we have been aggressive in managing all aspects of our business in a challenging retail environment while continuing to focus on delivering the very best product and brand experience for our customers across all channels. We look forward to the contributions from our assortment and merchandising strategies within our J.Crew brand, the continued growth of Madewell and Mercantile and other key operational initiatives including our SG&A, sourcing and supply chain optimization programs."
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