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J. Crew Group Inc. Reports Operating Results (10-Q)

September 03, 2010 | About:
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10qk

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J. Crew Group Inc. (JCG) filed Quarterly Report for the period ended 2010-07-31.

J. Crew Group Inc. has a market cap of $2.12 billion; its shares were traded at around $33.24 with a P/E ratio of 13.3 and P/S ratio of 1.4. JCG is in the portfolios of Ron Baron of Baron Funds, John Griffin of Blue Ridge Capital, Columbia Wanger of Columbia Wanger Asset Management, Steven Cohen of SAC Capital Advisors, Jim Simons of Renaissance Technologies LLC, Bruce Kovner of Caxton Associates, Pioneer Investments, RS Investment Management, Jeremy Grantham of GMO LLC.

Highlight of Business Operations:

Stores sales increased $35.9 million, or 13.9%, to $295.0 million in the second quarter of fiscal 2010 from $259.1 million in the second quarter last year. Comparable store sales increased 10.6% to $284.1 million in the second quarter of fiscal 2010 from $256.8 million last year. Comparable store sales decreased 5.1% in the second quarter of fiscal 2009. Non-comparable store sales were $10.9 million in the second quarter of fiscal 2010.

Direct sales increased $14.3 million, or 16.2%, to $102.5 million in the second quarter of fiscal 2010 from $88.2 million in the second quarter last year. Direct sales increased $5.0 million, or 6.0%, in the second quarter of fiscal 2009.

Net income increased $16.3 million to $34.9 million in the second quarter of fiscal 2010 from $18.6 million in the second quarter of fiscal 2009. This increase was due to a $34.4 million increase in gross profit and a $0.5 million decrease in interest expense, offset by a $7.5 million increase in selling, general and administrative expenses and a $11.0 million increase in the provision for income taxes.

Stores sales increased $85.2 million, or 17.0%, to $585.0 million in the first half of fiscal 2010 from $499.8 million in the first half last year. Comparable store sales increased 12.8% to $559.1 million in the first half of fiscal 2010 from $495.6 million last year. Comparable store sales decreased 5.1% in the first half of fiscal 2009. Non-comparable store sales were $25.9 million in the first half of fiscal 2010.

Direct sales increased $33.4 million, or 18.2%, to $216.9 million in the first half of fiscal 2010 from $183.5 million in the first half last year. Direct sales decreased $0.6 million, or 0.3%, in the first half of fiscal 2009.

Net income increased $40.5 million to $79.6 million in the first half of fiscal 2010 from $39.1 million in the first half of fiscal 2009. This increase was due to a $91.0 million increase in gross profit and a $0.9 million decrease in interest expense, offset by $24.0 million increase in selling, general and administrative expenses and a $27.2 million increase in the provision for income taxes.

Read the The complete Report

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