Good News For J. Crew

New York-based apparel cataloger/retailer J. Crew had plenty of good news to report from its fourth-quarter and fiscal 2006 financials. Revenue for the fourth quarter rose 27%, while sales for the year grew 21%. What’s more, the company posted net income of $44 million for the fourth quarter, compared to a net loss of $9.2 million for the same period last year. For fiscal 2006, net income soared to $71.6 million after a net loss of $9.7 million in fiscal 2005.

For the fourth quarter ended Feb. 3, J. Crew’s total sales were $366.7 million, up from $289.9 the previous year. Store (retail and factory) sales increased 20%, to $241.8 million, with same-store sales up 8%. Combined Internet and catalog sales rose 43%, to $113.2 million up from $79.2 million.

For fiscal 2006, revenue hit $1.15 billion, up from $953 million in 2005. Store sales increased 21%, to $807.5 million, while same-store sales increased 13%. Combined Internet and catalog sales increased 22%, to $308.6 million up from $253.6 million. CEO Millard Drexler said in a statement: “We accelerated our store expansion, opening 24 net new stores and introducing two new concepts, Crewcuts and Madewell. Importantly, we strengthened our financial flexibility by successfully completing our initial public offering. This provides us with a strong capital base for the continued execution of our growth plans.”

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