J. Crew benefits from success of Madewell
J. Crew has benefited from a 31% increase in comparable sales at its Madewell brand in its first quarter.
Total sales at J. Crew’s younger sister brand rose by 39% to $115.8 million in the three month period to 5 May.
Meanwhile, J. Crew branded sales decreased by 7% to $391.9 million as comparable sales fell by 6%.
This meant that J. Crew’s group revenue rose by 3% to $540.5 million with comparable company sales edging up 1% following a decrease of 8% in the first quarter of last year.
Jim Brett, J. Crew chief executive, said: “2018 represents a pivotal year for the company and we are encouraged by our strong start, delivering a 28% increase in adjusted EBITDA for the first quarter. J.Crew brand sales continue to sequentially improve toward positive comp, and Madewell had a record quarter with a 31% comp increase. Most significantly, for the first time since 2014, the company achieved comparable sales growth.”
The group said it is planning to expand and enhance its product range as well as launch a data driven personalisation engine and a points based loyalty programme. In addition, the J.Crew brand is due to be relaunched in September.
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