Revenues rise 22% at apparel retailer J.Crew in H1 FY'12

• Selling, general and administrative expenses increased to $338.8 million, or 32.9% of revenues, from $271.0 million,or 32.1% of revenues, in the first half last year.  This year reflects additional share-based and incentive compensation of $17 million.
• Operating income increased $45.0 million to $137.7 million, or 13.4% of revenues, compared to $92.7 million, or 11.0% of revenues, in the first half last year.
• Net income was $52.7 million compared to $25.3 million in the first half last year.
• Adjusted EBITDA increased $51.4 million to $190.3 million compared to $138.9 million in the first half last year.   

Balance Sheet highlights:  

• Cash and cash equivalents were $213.4 million compared to $88.3 million at the end of the second quarter last year.
• Total debt was $1,588 million, consisting of the seven-year senior secured term loan of $1,188 million and the eight-year senior unsecured notes of $400 million, compared to $1,597 million at the end of the second quarter last year.
• Inventories were $282.8 million compared to $260.1 million at the end of the second quarter last year.  Inventories last year included a purchase accounting step-up adjustment and lower in-transit inventories compared to this year.  Inventories and inventories per square foot, adjusted for purchase accounting and in-transit last year, increased 24% and 15%, respectively.

J.Crew Group, Inc. is a nationally recognized multi-channel retailer of women's, men's and children's apparel, shoes and accessories.

J.Crew Group Inc.