NEW YORK — In a second-quarter earnings conference call with investors on Aug. 26, J. Crew chairman and chief executive Millard “Mickey” Drexler said the new Tribeca store is indicative of a fresh direction for the company’s men’s apparel and accessories.
“The exciting thing here is that, with the opening of this store, which by the way has been very well received, we have the opportunity to reposition, reinvent, our men’s business and do something that we don’t see being done by other retailers in our industry,” Drexler said of the store, which opened Aug. 21.
Despite the enthusiasm for the new store, J. Crew Group Inc.’s second-quarter earnings were lower than expected.
The company’s second-quarter profits dipped 12.2 percent, missing analysts’ earnings estimates as the firm spent to upgrade its computer systems and weathered the economic headwinds. The retailer also lowered its profit guidance for the year.
Net income for the New York–based company fell to $18.1 million, or 28 cents a diluted share, for the quarter ended Aug. 2, compared with $20.6 million, or 32 cents a share, a year ago. Sales rose 10.4 percent to $336.3 million from $304.7 million.