J Crew Q1 loss widens, revenues decline by 2 percent

J.Crew Group, for the three months ended May 2, 2015 said that its total revenues decreased 2 percent to 581.8 million dollars and comparable company sales decreased 8 percent following a decrease of 2 percent in the first quarter last year.

J. Crew sales decreased 5 percent to 508.7 million dollars and comparable sales decreased 10 percent following a decrease of 3 percent in the first quarter last year. Madewell sales increased 33 percent to 61.9 million dollars, while comparable sales increased 12 percent following an increase of 13 percent in the first quarter last year.

Gross margin was 37.2 percent compared to 38.6 percent in the first quarter last year. Operating loss was 520.6 million dollars compared with operating income of 34 million dollars in the first quarter last year. Net loss was 462.4 million dollars compared to a net loss of 30.1 million dollars in the first quarter last year. Adjusted EBITDA was 44.8 million dollars compared to 64.8 million dollars in the first quarter last year.