J. Crew reported mixed fourth quarter and fiscal year 2015 financial earnings for the company, which also includes the Madewell brand.
Total revenues increased 1% to $711.0 million for the fourth quarter, while adjusted EBITDA increased 4% to $44.0 million from $42.1 million.
Comparable company sales decreased 4% following a decrease of 3% in the fourth quarter last year. J.Crew sales decreased 3% to $604.5 million, while comparable sales decreased 5% following a decrease of 5% in the fourth quarter last year. Meanhwile, Madewell sales increased 26% to $92.5 million and comparable sales increased 12% following an increase of 14% in the fourth quarter last year.
For the fiscal year, total revenues decreased 3% to $2,505.8 million, and adjusted EBITDA was $203.4 million compared to $255.2 million last year
Comparable company sales decreased 8% following a decrease of 1% last year. J.Crew sales decreased 7% to $2,146.7 million, while comparable sales decreased 10% following a decrease of 2% last year. Madewell sales increased 23% to $301.0 million, while comparable sales increased 8% following an increase of 14% last year.
“The fourth quarter represented a positive ending to a difficult year,” said Millard Drexler, the company’s chairman and CEO. “We believe we are better positioned having made important changes in our product and marketing and through the careful management of expenses and inventory. Looking ahead, our team is focused on delivering further improvements in the business by executing on our strategic initiatives to deliver long term, sustained growth for our brands.”