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

December 07, 2010 | About:

10qk

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J. Crew Group Inc. (JCG) filed Quarterly Report for the period ended 2010-10-30.

J. Crew Group Inc. has a market cap of $2.81 billion; its shares were traded at around $44.04 with a P/E ratio of 18.4 and P/S ratio of 1.8. JCG is in the portfolios of Ron Baron of Baron Funds, John Griffin of Blue Ridge Capital, Columbia Wanger of Columbia Wanger Asset Management, Jim Simons of Renaissance Technologies LLC, Steven Cohen of SAC Capital Advisors, Bruce Kovner of Caxton Associates, Chuck Royce of Royce& Associates.

Highlight of Business Operations:

Stores sales increased $3.2 million, or 1.1%, to $303.3 million in the third quarter of fiscal 2010 from $300.1 million in the third quarter last year. Comparable store sales decreased 1.4% to $290.6 million in the third quarter of fiscal 2010 from $294.7 million last year. Comparable store sales increased 8.4% in the third quarter of fiscal 2009. Non-comparable store sales were $12.7 million in the third quarter of fiscal 2010.

Direct sales increased $12.4 million, or 11.8%, to $117.9 million in the third quarter of fiscal 2010 from $105.5 million in the third quarter last year. Direct sales increased $3.7 million, or 3.6%, in the third quarter of fiscal 2009.

Interest expense, net of interest income, increased $1.0 million to $2.1 million in the third quarter of fiscal 2010 from $1.1 million in third quarter last year due to (i) a non-cash interest charge of $1.4 million representing the write off of the remaining unamortized deferred financing costs incurred on the Term Loan, offset by (ii) $0.4 million less interest incurred on lower debt outstanding.

Net income decreased $6.1 million to $37.8 million in the third quarter of fiscal 2010 from $43.9 million in the third quarter of fiscal 2009. This decrease was due to a $13.8 million decrease in gross profit and a $1.0 million increase in interest expense, offset by a $2.6 million decrease in selling, general and administrative expenses and a $6.2 million decrease in the provision for income taxes.

Stores sales increased $88.3 million, or 11.0%, to $888.2 million in the first nine months of fiscal 2010 from $799.9 million in the first nine months last year. Comparable store sales increased 7.5% to $849.7 million in the first nine months of fiscal 2010 from $790.3 million last year. Comparable store sales decreased 0.4% in the first nine months of fiscal 2009. Non-comparable store sales were $38.5 million in the first nine months of fiscal 2010.

Direct sales increased $45.8 million, or 15.8%, to $334.8 million in the first nine months of fiscal 2010 from $289.0 million in the first nine months last year. Direct sales increased $3.1 million, or 1.1%, in the first nine months of fiscal 2009.

Read the The complete Report

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10qk
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