Financial Reports: J. Crew, Design Within Reach

A Good Quarter, Year for J. Crew
New York-based apparel cataloger/retailer J. Crew had plenty of good news to report from its fourth-quarter and fiscal 2007 financials. Revenue for the fourth-quarter rose 90%, to nearly $400 million, up from $366.7 million.

The merchant’s net income, however, slipped to $25 million, down from $44 million. Direct sales increased 10.1%, to $126 million, from $113.2 million. The fourth quarter and fiscal year contained a 14th and 53rd week, respectively. Both ended Feb. 2.

For fiscal 2007, J. Crew’s J. Crew sales jumped 15.6%, to $1.33 billion, from $1.15 billion in fiscal 2006. Net income increased nearly 25%, to $97.1 million, up from $77.8 million. Direct sales for fiscal 2007 rose 22.2%, to $377.4 million, from $308.6 million in fiscal 2006.

Net Income Up at Design With Reach
Fourth-quarter direct sales for San Francisco-based furniture cataloger/retailer Design Within Reach decreased nearly 6%, to $12.7 million, compared to $13.5 million in the fourth quarter last year. For fiscal year 2007, direct sales slipped 2.4%, to $48.2 million, from $49.4 million for fiscal year 2006.

For the period ended Dec. 29, fourth-quarter sales increased 3.4%, to $52.0 million from $50.3 million. For fiscal 2007, Design Within Reach’s net sales rose nearly 9%, to $193.9 million, from $178.1 million the year before.

Net income for the fourth quarter was $2.3 million, compared to a net loss of $2.0 million in the fourth quarter of 2006. Net income for fiscal year 2007 was approximately $323,000, compared to a net loss of $8.3 million.

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