J. Crew posts drop in sales and profit
US fashion brand J. Crew has seen its total revenue decline by 6% to $532 million in its first quarter.
In the three months to end April, comparable sales dropped by 9% following a decline of 7% in the same period in the previous year.
J. Crew’s comparable sales were down 12% in the period while its sister brand Madewell saw a fall of 10%.
The company made a net loss $123.3 million compared to a loss of $8 million in the first quarter of last year.
Last week J. Crew announced that it had appointed West Elm president James Brett as its new chief executive. He will succeed Millard Drexler who will continue in the role of chairman.
Drexler said: “While we are disappointed with our first quarter earnings, we are optimistic regarding the work we have underway to improve our business. We have a clear vision and action plan in place to meet our customers’ needs – wherever and however they choose to shop. I look forward to transitioning my role to chairman and to working with our new CEO, Jim Brett, as he takes the reins in July and continues to position J. Crew for long term success.”
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