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.
Peter Kim's Los Angeles-based premium denim line has always had its finger on the pulse of youth. This season, novelty is back in a way reminiscent of early Aughts, with studs, lace-ups, racing waxed denim and more. For more highlights if some of the key brands at the Vegas trade shows, go to WWD.com. #wwdfashion (📷: Patrick Gray; Styles by @thealexbadia; Story by @karihamanaka and @marcy_wwd)
"I was driving back on Saturday afternoon from the beach, and I just saw this sign saying 'Skydiving for $95.' And I was like, I can't not sky dive for $95," says Tom Bateman about a moment in Hawaii while shooting "Snatched." #wwdeye (📷: @vsteves; Interview by @ktauer; Styled by @thealexbadia)