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J.Crew Group comparable company sales decreased 4%

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Staff writer ▼ | March 21, 2016
J.Crew Group announced financial results for the three months and fiscal year ended January 30, 2016. Total revenues increased 1% to $711 million.
J.Crew Group
J.Crew Group   Total revenues increased 1% to $711 million
Comparable company sales decreased 4% following a decrease of 3% in the fourth quarter last year.

J.Crew sales decreased 3% to $604.5 million. J.Crew comparable sales decreased 5% following a decreas

e of 5% in the fourth quarter last year Madewell sales increased 26% to $92.5 million.

Madewell comparable sales increased 12% following an increase of 14% in the fourth quarter last year.

Gross margin was 33.3% compared to 34.5% in the fourth quarter last year. Selling, general and administrative expenses were $228.8 million, or 32.2% of revenues, compared to $236.2 million, or 33.5% of revenues in the fourth quarter last year.

Operating income was $6.3 million compared with an operating loss of $18.7 million in the fourth quarter last year. Last year reflects the impact of a pre-tax, non-cash impairment charge of $26.0 million.

Net loss was $7.0 million compared to $30.6 million in the fourth quarter last year. Last year reflects the impact of the non-cash imp

airment charge Adjusted EBITDA increased 4% to $44.0 million from $42.1 million in the fourth quarter last year.

Fiscal 2015 highlights

Total revenues decreased 3% to $2,505.8 million. Comparable company sales decreased 8% following a decrease of 1% last year. J.Crew sales decreased 7% to $2,146.7 million. J.Crew comparable sales decreased 10% following a decrease of 2% last year.

Madewell sales increased 23% to $301.0 million. Madewell comparable sales increased 8% following an increase of 14% last year. Gross margin was 35.7% compared to 37.6% last year.

Selling, general and administrative expenses were $834.1 million, or 33.3% of revenues, compared to $846.0 million, or 32.8% of revenues last year.

Operating loss was $1,320.2 million compared to $585.0 million last year. This year includes pre-tax, non-cash impairment charges of $1,381.6 million and a charge of $4.8 million for severance and related costs. Last year includes pre-tax, non-cash impairment charges of $710.0 million

Net loss was $1,242.7 million compared to $657.8 million last year. This year reflects the impact of non-cash impairment charges and a charge for severance and related costs. Last year reflects the impact of the loss on refinancings and non-cash impairment charges.

Adjusted EBITDA was $203.4 million compared to $255.2 million last year.


 

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