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J.Crew Group Fourth Quarter and Full Year 2002

From: ASAP

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J.Crew Group, Inc. announced financial results for the fourth quarter and fiscal year ended February 1, 2003. Revenues for the fourth quarter of fiscal 2002 were $241.8 million compared to $246.7 million last year. Comparable store sales declined 7.5%, and net sales in the Direct division decreased 6.2% for the period. Net loss was $11.7 million versus net income of $6.7 million in the comparable period of 2001. The fourth quarter of 2002 includes pre-tax charges for severance and other one-time employment related costs of $7.7 million. Earnings before interest, taxes, depreciation and amortization (EBITDA) was $16.2 million compared to $31.6 million last year.

Revenues for the 52 weeks ended February 1, 2003 were $766.4 million versus $777.9 million in fiscal 2001. Comparable store sales declined 10.4%, and net sales in the Direct division decreased 4.0% for the year. Net loss was $31.6 million versus a net loss of $11.0 million in 2001. Full year results include pre-tax charges for severance and other one-time employment related costs of $13.7 million in 2002 and $3.2 million in 2001. Earnings before interest, taxes, depreciation and amortization (EBITDA) was $39.0 million compared to $53.3 million last year, which was in line with expectations of $53 million, ex-severance and other one-time employment related costs.

For more detail visit the J.Crew web site...

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