J. Crew Group ended fiscal 2014 with a fourth-quarter loss while a large impairment charge in the third quarter kept it in the red for the year.
The company is scheduled to report more detailed fourth-quarter results today. It also released its annual report, Form 10-K, with the Securities and Exchange Commission late Tuesday, allowing for interpolation of fourth-quarter figures.
In the fourth quarter ended Jan. 31, the New York-based multichannel specialty retailer had a net loss of $30.6 million versus net income of $5.9 million in the comparable three months of 2013. Quarterly impairment totaled $26 million in last year’s quarter and $1.2 million in the prior-year period.
Revenues in the quarter rose 2.8 percent to $705.3 million from $686.2 million a year ago.
Full-year results included a net loss of $657.8 million, including a $684 million impairment charge in the third quarter, versus net income of $88.1 million in 2013. In 2013, impairment charges totaled $1.9 million.
Revenues for the full year rose 6.2 percent to $2.58 billion from $2.43 billion with comparable sales down 0.7 percent versus a 3.1 percent gain in 2013.
The annual report didn’t contain a breakdown of direct versus retail sales, but did specify sales by brand. J. Crew’s sales rose 3.7 percent to $2.3 billion and declined 1.9 percent on a comparable basis, while Madewell’s rose 35.2 percent to $245.3 million with comps ahead 14.1 percent. Sales per gross square foot were $618 at J. Crew stores, down from $663 in fiscal 2013, and $747 at Madewell, up from $709.