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J.Crew Group revenues increased by 5%

Staff writer |
J.Crew Group, Inc. announced financial results for the three months ended May 3, 2014. Revenues increased 5% to $592 million, with comparable company sales decreasing 2%.

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Comparable company sales increased 5% in the first quarter last year. Store sales increased 2% to $386.4 million on top of an increase of 7% in the first quarter last year. Direct sales increased 12% to $197 million following an increase of 23% in the first quarter last year.

Gross margin was 38.7% compared to 44.7% in the first quarter last year. Selling, general and administrative expenses were $195.2 million, or 33.0% of revenues, compared to $178.4 million, or 31.6% of revenues in the first quarter last year.

Operating income was $34.0 million, or 5.7% of revenues, compared to $73.6 million, or 13.1% of revenues, in the first quarter last year.

Net loss was $30.1 million compared with net income of $29.3 million in the first quarter last year. This year reflects a loss of $36 million, net of tax, incurred in connection with the refinancing of our term loan facility and the redemption of our senior notes.

Adjusted EBITDA decreased to $64.8 million from $101 million in the first quarter last year.


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