TROUBLED RETAILER J.CREW CONTINUES TO LOSE GROUND
New York-based retailer J. Crew Group, Inc. has announced financial results for the three months and fiscal year ended January 28, 2017.
For the fourth quarter, adjusted EBITDA was $51.5 million compared to $44 million last year. Total revenues decreased 2 percent to $695 million, while comparable company sales decreased 5 percent following a decrease of 4 percent in the fourth quarter last year. Meanwhile J.Crew brand sales decreased 5 percent to $572.6 million, while comparable sales decreased 7 percent.
For the fiscal year, the company’s adjusted EBITDA was $188.5 million compared to $203.4 million last year. Total revenues decreased 3 percent to $2,425.5 million, while comparable company sales decreased 7 percent. Sales of the J. Crew brand decreased 6 percent to $2,018.1 million, while comparable sales decreased 8 percent.
“While the overall retail environment remains challenging, we continue our disciplined management of expenses and inventory and remain focused on delivering the very best, iconic J.Crew and Madewell products our customers love across all channels,” said Millard Drexler, the company’s chairman and CEO. “As a team, we are taking important steps to drive improved operational excellence across the company.”
