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J.Crew Group Q2 revenues increased 3%

Staff Writer |
J.Crew Group announced financial results for the second quarter and first half of fiscal 2018.

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Total revenues increased 3% to $587.6 million. Comparable company sales increased 5% following a decrease of 5% in the second quarter last year.

J.Crew sales decreased 5% to $428.9 million. J.Crew comparable sales increased 1% following a decrease of 8% in the second quarter last year.

Madewell sales increased 29% to $121.7 million. Madewell comparable sales increased 28% following an increase of 12% in the second quarter last year.

Gross margin increased to 38.5% from 38.2% in the second quarter last year.

Selling, general and administrative expenses were $192.7 million, or 32.8% of revenues, compared to $209.1 million, or 36.6% of revenues in the second quarter last year.

This year and last year include transformation, transaction and severance costs of $1.8 million and $27.7 million, respectively.

This year also includes a $7.3 million benefit related to the lease termination payment in connection with our corporate office relocation.

Excluding these items, selling, general and administrative expenses were $198.2 million, or 33.7% of revenues, compared to $181.4 million, or 31.8% of revenues in the second quarter last year.

Operating income was $33.3 million compared to $4.8 million in the second quarter last year.

The second quarter this year reflects the impact of the benefit related to the lease termination payment and transformation costs. The second quarter last year reflects the impact of transformation costs, transaction costs and non-cash impairment charges.

Net loss was $6.1 million compared to $18.5 million in the second quarter last year.

The second quarter this year reflects the impact of the benefit related to the lease termination payment and transformation costs.

The second quarter last year reflects the impact of transformation costs, transaction costs and non-cash impairment charges.

Adjusted EBITDA was $54.2 million compared to $65.3 million in the second quarter last year.


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