J. CREW SALES AND EARNINGS DECLINE IN THIRD QUARTER
J.Crew Group, Inc. has announced financial results for the third quarter and first nine months of fiscal 2016.
Total revenues decreased 4 percent to $593.2 million. Adjusted EBITDA was $53.3 million compared to $73.6 million in the third quarter last year. Net loss was $7.9 million compared to $759.7 million in the third quarter last year, due to the impact of various non-cash chages.
Comparable company sales decreased 8 percent. J.Crew brand sales decreased 7 percent to $488 million, and J.Crew comparable sales decreased 9 percent.
“Our third quarter results reflect ongoing traffic challenges and a highly promotional retail environment,” said chairman and CEO Millard Drexler. “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. In addition, we have several key operational initiatives underway that we believe position us to regain momentum and deliver long term growth.”
