NEW YORK — Reversing a year-ago loss in the second quarter, J.Crew saw the first signs of slow but steady progress since Mickey Drexler’s arrival seven months ago.

For the three months ended Aug. 2, Crew said it made $15.2 million, compared with a loss of $7.1 million in the year-ago quarter. Gross profit declined 19.5 percent to $49.1 million as the firm aggressively reduced inventories, but a $41.1 million pretax gain on the exchange of debt more than erased any red ink.

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