NEW YORK — Tightfisted consumers and rising costs may have pushed J. Crew Group Inc. to a $13.5 million loss in the fourth quarter, but the retailer still has cautious expansion in mind.
J. Crew posted a net loss of 22 cents a diluted share for the period ended Jan. 31, compared with net income of $25 million, or 39 cents, in the same year-ago quarter. Revenues declined 3 percent to $388 million from $399.9 million a year earlier and comp-store sales fell 13 percent. Retail sales slid 3.3 percent to $252 million, while direct sales were down 2.4 percent, to $123 million. Gross margins fell to 27.6 percent of sales from 41.3 percent due to increased markdowns and greater promotional activity during the quarter.
“I see things on the hanger and I’m, like, ‘I never knew that color worked on me.’ It’s things you necessarily wouldn’t choose to wear, but once you put them on, you see why Janie is who Janie is." — Lily Collins on working with former "Mad Men" costume designer, Janie Bryant on creating looks for her role as Celia Brady's in Amazon series, "The Last Tycoon." 📸@jilliansollazzo #wwdeye
EXCLUSIVE: Sarah Rutson has been tapped to Build New American Fashion Group. The parent of Joie, Equipment and Current/Elliott hired the merchant to rev up its brands and expand its portfolio into designer, beauty and lifestyle categories. Read more on WWD.com, link in bio. #wwdfashion
Michael Kors' $1.3B Jimmy Choo deal has the company squaring off with Coach Inc. as both seek to build American powerhouses. Coach bought Stuart Weitzman in 2015 and Kate Spade just two weeks ago, but Michael Kors' acquisition may be putting pressure on its rival in the new push for scale. #wwdnews (📷: George Chinsee)
Meet actress Lucy Boynton, who plays opposite Naomi Watts in the recently released Netflix series "Gypsy." Boynton stopped by WWD to talk about her upcoming projects and her nomadic lifestyle. Get all the details on WWD.com. #wwdeye (📷: @dandoperalski)