J.Crew posts Q1 loss
NEW YORK— J.Crew Group reported that first-quarter revenues decreased 1% to $409.5 million and comparable company sales (which include same-store sales, direct sales and shipping and handling revenues) were down 3% compared with an increase of 16% for the same period last year.
Store sales decreased 3% to $281.2 million, with comparable-store sales decreasing 6%. Comparable-store sales increased by 15% in the first quarter of fiscal 2010.
The company reported a net loss of $29.9 million compared with net income of $44.7 million in the first quarter of fiscal 2010.
J.Crew operates 251 retail stores and 87 factory outlet stores.