J.Crew Group Q1 revenues decreased 2%Staff writer ▼ | June 8, 2015
J.Crew Group announced financial results for the first quarter ended May 2, 2015. Total revenues decreased 2% to $581.8 million.
J.Crew Group $581.8 million in revenues
J.Crew sales decreased 5% to $508.7 million. J.Crew comparable sales decreased 10% following a decrease of 3% in the first quarter last year. Madewell sales increased 33% to $61.9 million. Madewell comparable sales increased 12% following an increase of 13% in the first quarter last year.
Gross margin was 37.2% compared to 38.6% in the first quarter last year. Selling, general and administrative expenses were $203.8 million, or 35% of revenues, compared to $194.2 million, or 32.8% of revenues in the first quarter last year.
Operating loss was $520.6 million compared with operating income of $34.0 million in the first quarter last year. The operating loss includes pre-tax, non-cash impairment charges of $533.4 million.
Net loss was $462.4 million compared to a net loss of $30.1 million in the first quarter last year. This year reflects the impact of non-cash impairment charges. The first quarter last year reflects the impact of a loss on refinancing.
Adjusted EBITDA was $44.8 million compared to $64.8 million in the first quarter last year. An explanation of the manner in which the company uses adjusted EBITDA and a reconciliation to GAAP measures are included in Exhibit (3). ■