By  on June 4, 2014

J. Crew Group Inc., impacted by the tough selling environment and refinancing costs, reported a net loss of $30.1 million for the first quarter ended May 3, compared to net income of $29.3 million in the first quarter a year ago.

The first quarter’s bottom line reflects a loss of $36 million, net of tax, incurred in connection with the refinancing of a term loan facility and the redemption of senior notes. The refinancing is expected to result in annual savings of $16 million in interest expense.   

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