Multi-channel retailer J.Crew Group Inc announced financial results for the three and six months ended July 29, 2006.
For the three months ended July 29, 2006:
- Revenues for the second quarter increased 17 percent to $269.2 million from $229.4 million in the second quarter of fiscal 2005. Store sales (Retail and Factory) increased 21 percent to $197.4 million, with comparable store sales increasing 16 percent. Comparable store sales rose 15 percent in the second quarter of fiscal 2005. Direct sales (Internet and Catalog) for the second quarter rose by 7 percent to $62.8 million.
- Operating income increased 33 percent to $26.8 million compared to $20.1 million in the second quarter of fiscal 2005.
- Net loss applicable to common stockholders was $2.8 million, or $(0.08) per diluted share, compared to $1.6 million, or $(0.07) per diluted share in the second quarter of fiscal 2005. Net loss in the second quarter of fiscal 2006 includes pre-tax charges of $10.0 million related to the refinancing of debt and $0.5 million for stock option expense related to SFAS 123(R) which was not applicable in fiscal 2005. Excluding these items net income would have been $7.2 million, or $0.20 per diluted share.
J.Crew Group Inc is a nationally recognized multi-channel retailer of women's, men's and children's apparel and accessories. As of August 24, 2006, the Company operates 169 retail stores, the J.Crew catalog business, jcrew.com, and 50 factory outlet stores. Additionally, certain product, press release and SEC filing information concerning the Company are available at the Company's website www.jcrew.com.
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