J. Crew posts 2% decrease in revenue in Q1
J. Crew on Thursday announced its financial results for Q1 2015 ending on May 2nd, 2015. The company saw a decrease in revenue, a decrease in comparable store sales for J. Crew and an increase in sales for Madewell.
Total revenue for the company decreased 2% to $581.8 million and comparable company sales decreased 8% compared to just 2% in the prior year’s first quarter. J. Crew sales decreased 5% to $508.7 million and comparable store sales decreased 10% compared to 3% in the year prior. Madewell sales increased however to $61.9 million, an increase of 33%. Madewell comparable sales increased 12% following an increase of 13% in the previous year.
The company saw a steep net loss of $462.4 million compared to $30.1 million in Q1 2014. This is due in part to the company’s steep operating loss of $520.6 million this quarter.
J. Crew currently operates 283 J. Crew retail stores, 88 Madewell stores, jcrew.com, jcrewfactory.com, the J.Crew catalog, madewell.com, the Madewell catalog, and 143 factory stores.
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