J. Crew Group Inc. reported Thursday that sales for the fourth quarter were up on both a net and comparable basis.
In a regulatory filing with the Securities and Exchange Commission, the New York-based retailer reported that sales for the three months ended Feb. 1 hit $686 million, 6.7 percent above the $642.9 million reported during the fourth quarter of 2012. Direct sales were up 9.5 percent, to $238 million from $217.3 million, and comparable sales, including stores open at least a year and direct revenues, rose 4 percent.
The results are preliminary and unaudited and didn’t include estimates of net income for the quarter. The company projected that adjusted earnings before interest, taxes, depreciation and amortization would rise between 5.7 and 8.6 percent, to a range of $74 million to $76 million, from $70 million in last year’s quarter.
J. Crew disclosed the figures as it prepared to meet with prospective lenders Friday in connection with refinancing tied to the redemption of $400 million in 8.125 percent senior unsecured notes due in 2019. The filing indicated that it doesn’t yet have commitments from prospective lenders on the refinancing.
The fourth-quarter results would push full-year revenues up 9 percent to $2.43 billion from $2.23 billion in 2012, with direct sales up 16 percent to $756 million and comps up 3 percent. Adjusted EBITDA would end the year between $369 million and $371 million, 2.5 to 3.1 percent higher than in 2012.
The company also said that cash and cash equivalents concluded the year at $157 million, more than twice the $68 million level at the close of 2012. Long-term debt receded to $1.57 billion from $1.58 billion, according to the filing.
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia
Azzedine Alaïa's “I-did-it-my-way” ethos stood out starkly at a time when brands are experimenting with consumer-facing fashion shows, coed formats and trans-seasonal collections – anything to perk up lackluster sales of ready-to-wear in an age of Insta-everything. “It’s not creation anymore. This becomes a purely industrial approach,” the late designer told WWD in an interview last year. “But anyway, the rhythm of collections is so stupid. It’s unsustainable. There are too many collections.” Read more about the iconic designer’s life and work on wwd.com, link in bio. #wwdfashion #azzedinealaia (📷: @WWD Archive, 1986) #alaia
Sneaker reselling app @goat’s latest exhibit, "The Greatest: New York," tells the story of New York's sneaker culture. To celebrate the exhibit, an intimate crowd gathered on Thursday night at the pop-up gallery space, located at Platform in Culver City, to hear guest speaker and illustrator @esymai talk about her own rise in streetwear and women in the business. "For me I'm just someone who is creative. I like to create things," said Chang. #wwdfashion
Azzedine Alaïa, one of the most iconic couturiers of the modern era whose body-con designs defined Eighties fashion, has died in Paris. The diminutive Tunisian-born designer, known for his structured knitted dresses with fitted waists and impeccably cut, figure-hugging second skin silhouettes was deeply admired by his peers, and counted supermodel Naomi Campbell - his adoptive daughter - among his inner circle, one of a gang of glamazons including Farida Khelfa, Carla Bruni and Stephanie Seymour who became ambassadors of his style. (📷: Alexandre Guirkinger) #wwdblast