- Prachi Singh |
Second quarter revenues at J.Crew Group, Inc. were flat at 588.8 million dollars, while comparable sales decreased 1 percent following an increase of 5 percent in the second quarter last year. The company said, J.Crew sales decreased 7 percent to 399.1 million dollars and J.Crew comparable sales decreased 4 percent. Madewell sales increased 15 percent to 139.7 million dollars, while Madewell comparable sales increased 10 percent. Gross margin decreased to 35.6 percent from 38.5 percent in the second quarter last year, while net loss was 44.2 million dollars compared to 6.1 million dollars in the second quarter last year. Adjusted EBITDA was 41.8 million dollars compared to 54.2 million dollars in the second quarter last year.
Commenting on the second quarter performance, Michael J. Nicholson, the company’s Interim Chief Executive Officer, said in a statement: “Our second quarter results reflect our ongoing commitment to returning J.Crew to profitable growth over time. Our work to reignite the J.Crew brand with new designs, assortments, and brand expressions is well underway and we remain focused on advancing our digital transformation and elevating customer engagement across channels.”
For the first half, total revenues increased 4 percent to 1,167.3 million dollars, while comparable sales remained flat following an increase of 3 percent in the first half last year. J.Crew sales decreased 6 percent to 775.2 million dollars and brand’s comparable sales decreased 3 percent. The company added that Madewell sales increased 15 percent to 272.6 million dollars and its comparable sales increased 10 percent. Gross margin decreased to 36.3 percent from 38.4 percent in the first half last year, while net loss reached 60.5 million dollars compared to 40 million dollars in the first half last year. Adjusted EBITDA for the period was 90 million dollars compared to 91.1 million dollars in the first half last year.