ASAP fashion news archive - apparel industry news from before September 2005
This page is part of the ASAP fashion news archive on Apparel Search, which collected apparel, fashion and textile industry news from before September 2005. For current coverage, see the Apparel Search news page and the fashion blog.
From: ASAP
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...