J.Crew Group Inc., omni-channel retailer of women’s, men’s and children’s apparel, shoes and accessories, has announced financial results for the third quarter of fiscal year 2016. The company’s total revenues down surged 4 per cent to US $ 593.2 million.
As per the company release, comparable sales decreased 8 per cent. Net loss was US $ 7.9 million compared to US $ 759.7 million in the third quarter last year. J.Crew sales dipped by 7 per cent to US $ 488 million. The brand’s comparable sales dived 9 per cent. Madewell sales rose 12 per cent to US $ 88 million. Madewell’s comparable sales zoomed 4 per cent in the period under review.
Millard Drexler, Chairman and CEO, J.Crew Group commented, “Our third quarter results reflect ongoing traffic challenges and a highly promotional retail environment. While we expect these trends to persist through the fourth quarter, we continue to remain focused on driving sales productivity and carefully managing inventory and expenses.”
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The apparel retailer also revealed its total revenue for the nine months to US $ 1,730.5 million, down by 4 per cent. Comparable sales decreased 7 per cent. The company posted net loss worth US $ 24.6 million compared to US $ 1,235.6 million in the first nine months last year. J.Crew sales plunged 6 per cent to US $ 1,445.5 million. Its comparable sales decreased 9 per cent. However, Madewell performed well with a surge of 15 per cent to US $ 238.7 million. Madewell comparable sales zoomed 4 per cent in the reporting period.
J.Crew Group operates 287 J.Crew retail stores, 110 Madewell stores, jcrew.com, jcrewfactory.com, the J.Crew catalog, madewell.com and 181 factory stores (including 37 J.Crew Mercantile stores).
