J.Crew Group: Madewell did well for Q1

The J.Crew Group Inc. announced that its results for the first quarter ending on May 4, 2019 saw a total revenue increase of 7 percent to 578.5 million dollars.

Operating income was 22.1 million dollars, compared with an operating loss of 0.9 million dollars in the same quarter last year. Net loss was also down, resulting in 16.2 million dollars, compared to 33.9 million dollars in the first quarter last year.

Interim CEO Michael J. Nicholson commented, "We are encouraged by the meaningful progress we have made in the first quarter, reporting a 31% increase in adjusted EBITDA driven by continued momentum at Madewell and the early impact of our swift actions to improve profitability at J.Crew. As we look ahead, we are optimistic about our plans to reignite the J.Crew Brand with new designs, assortments and brand expressions, and remain steadfast in our commitment towards achieving Madewell's long-term growth potential as a leading global brand."

While Madewell sales increased by 15 percent to 132.9 million dollars with a comparable sales increased of 10 percent, J.Crew sales decreased by 4 percent. J.Crew sales amounted to 376.1 million dollars for the first quarter, with comparable sales decreasing by 1 percent.