J. Crew Group chairman and chief executive officer Millard "Mickey" Drexler received $2.8 million in total compensation last year, a 22 percent increase from $2.3 million in 2006.
According to a Securities and Exchange Commission filing, Drexler's compensation includes a base salary of $200,000, stock and option awards totaling more than $1 million and a bonus of $1.5 million.
The compensation of some other top executives also increased. The specialty retailer awards a substantial portion of executive compensation based on performance. J. Crew has been outshining its competitors, experiencing top-line and margin growth as many other retailers are being pulled down by the depleted economy.
Tracy Gardner, president of retail and direct, was paid $2.6 million compared with $1.6 million in 2006. Her compensation package includes a base salary of $684,600 and stock and option awards of $983,954. She also received an $875,000 bonus.
Libby Wadle, executive vice president of the factory division, received a pay package of $1.1 million, an increase from $680,501 last year. Total compensation included a base salary of $390,800, stock and option awards of $351,736 and a $380,600 bonus.
Jeffrey Pfeifle, former president, received $1.3 million in 2007 compared with $1.9 million in the previous year. Pfeifle's compensation included a base salary of $842,300 and a $603,200 bonus.
Pfeifle left the company on Feb. 1 and, as a result, forfeited 159,288 stock options and 90,733 shares of restricted stock. He had been the number-two executive at the retailer, and was a close associate of Drexler. The company previously said his responsibilities will be assumed by members of the executive team and that there is no near-term plan to fill his job.
In the fourth quarter ended Feb. 2, earnings fell to $25 million, or 39 cents a share, from $44 million, or 71 cents a share, in the year-ago period. However, the year before had an extra week and a nonrecurring tax benefit of $10.9 million, and in the 2007 quarter there was a severance charge of 2 cents a share. Revenues increased 9 percent to $399.9 million, with store and outlet sales up 8 percent to $260.6 million and comparable-store sales flat. On a calendar-adjusted basis, same-store sales rose 4 percent.
For the fiscal year, revenues increased 16 percent to $1.33 billion, with comparable-store sales up 6 percent. Gross margin rose to 44.1 percent of revenues from 43.4 percent. Operating income jumped 37 percent to $172.5 million, compared with $125.6 million the previous year. Net income was $97.1 million, or $1.52 a share, versus $71.6 million, or $1.49 a share.
The company recently opened the flagship for its Madewell concept in New York's SoHo, a 3,500-square-foot space at 486 Broadway on the corner of Broome Street. The store is in an 1883 Romanesque Revival brick building that decades ago housed the Mechanics and Traders' Bank of Manhattan.
My character, Dinah Madani, is just the coolest, [most] badass woman imaginable," says @amberroserevah. The actress stars in @marvel's newest series on @netflix, @thepunisher. To prepare for her role, Revah sat down with Homeland agents to get a real sense of with Dinah's day-to-day life is really like. Read our full interview on WWD.com. #wwdeye (📷: @jilliansollazzo)
A scene from the 91st annual @macys Thanksgiving Day Parade. The parade, which boasts 50 million TV viewers and 3.5 million on-site spectators, is considered one of the largest and most watched parades in the world. (📷: Jason Szenes/EPA-REX)
The circus came to @bloomingdales 59th Street on Tuesday night and lit up Lexington Avenue with acrobatic dancers, death-defying knife throwing, sword swallowing and aerial acts with no net. The 45 minutes of theatrics built up to unveiling the holiday windows depicting @swarovski crystal-encrusted circus pieces and scenes from “The Greatest Showman” – songs from the soundtrack included. See the rest of the photos on WWD.com #wwdfashion (📷: Joshua Scott)
The psychedelic fashion that pervaded the ’60s is back with an exhibit at the @museumofcityny. “Mode New York: Fashion Takes a Trip” chronicles the changing styles from 1960 through 1973 and features designers such as @ysl, @oscardelarenta and more. The exhibition, which is on display through April 1, is organized into four periods: First Lady Fasion, Youthquake, New Bohemia and New Nonchalance. Pictured here is model Pat Bardonella during the Garvey Day Parade in 1968. (📷: @kwamebphoto) #wwdeye #wwdfashion
“People should be a lot more honest in expressing both the dark and light of themselves. We need to give each other the space to do that because it’s the only way we can grow and evolve,” says @noelwells of her new film “Mr. Roosevelt,” which is largely based on her own struggles. Unexpectedly leaving @nbcsnl in 2014 after just one season, Wells felt set back in her self-esteem and career trajectory. She quickly refocused her energy to more personal projects, which led to the completion of “Mr. Roosevelt.” Read the rest of WWD’s interview with the “Master of None” actress on WWD.com #wwdeye (📷: @jilliansollazzo)
@barbrastreisand is giving fans a chance to see her perform up close in a new concert series, which makes its debut on @Netflix today. From behind-the-scenes takes to her concert performance in Miami last December, the two-hour streaming special captures Streisand in her element. Pictured here is the singer/actress photographed for WWD in 1963. (📷: Palmieri Tony) #wwdeye #wwdarchive
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion (📷: Dominique Maître)
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)