In the second quarter last year, J. Crew’s net income of $15 million included a one-time gain of $43 million from the exchange of debt. Excluding that gain, the company would have swung to an operating profit of $8 million in this year’s second quarter versus an operating loss of $15 million a year ago. This was unclear in a story on Wednesday.

This story first appeared in the September 16, 2004 issue of WWD. Subscribe Today.