J.Crew's 1st-quarter profit dips

J.Crew reports stronger sales in 1Q but profit dips slightly on expenses

Associated Press

NEW YORK (AP) -- J.Crew Group Inc. on Thursday reported a slight dip in its fiscal first-quarter profit as higher expenses offset increased revenue.

The privately held company sells its J.Crew and Madwell brand clothes and accessories in stores, online and through its catalogs.

J.Crew said that it earned $29.3 million for the period that ended May 4, compared to $30.7 million in the first quarter last year. Its total revenue increased 12 percent to $564.1 million from $503.5 million.

The company said that its revenue from stores open at least a year increased 5 percent. This is considered a key indicator of financial performance as it strips away the impact of recently opened and closed stores.

J.Crew said total store sales increased 7 percent to $380.2 million for the quarter, following a notable 26 percent increase in the same quarter last year. Its sales directly to consumers, through its online or catalog business, increased 23 percent to $176.2 million.

The company operates 307 retail stores, including 245 J.Crew retail stores, eight of its children's J.Crew brand crewcuts stores and 54 Madewell stores.

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