Net Loss Narrows at Leaner J. Crew

New York-based apparel cataloger/retailer J. Crew said second quarter revenue for the period ended Aug. 3 totaled $167.6 million, down slightly from $167.9 million last year. Net sales in J. Crew’s Direct business increased 1.5% for the period, while comparable store sales decreased 11.4%. Earnings before interest, taxes, depreciation and amortization (EBITDA) were $6.0 million, compared to $2.5 million last year. Net loss was $7.1 million compared to a net loss of $8.6 million last year. Last year’s results include a pretax charge of $2.2 million for severance costs.

“Although our comp store sales trend remains negative, second quarter EBITDA was better than we anticipated, primarily reflecting our lower cost structure,” said chief financial officer Scott Rosen in a statement. “Overall, inventories were down 10% and comp store inventories were down 27%.”

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