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

June 02, 2010 | About:

10qk

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J. Crew Group Inc. (JCG) filed Quarterly Report for the period ended 2010-05-01.

J. Crew Group Inc. has a market cap of $2.83 billion; its shares were traded at around $44.33 with a P/E ratio of 19.7 and P/S ratio of 1.8. JCG is in the portfolios of Ron Baron of Baron Funds, Columbia Wanger of Columbia Wanger Asset Management, Columbia Wanger of Columbia Wanger Asset Management, Steven Cohen of SAC Capital Advisors, Jim Simons of Renaissance Technologies LLC, Bruce Kovner of Caxton Associates, Jeremy Grantham of GMO LLC.
This is the annual revenues and earnings per share of JCG over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of JCG.


Highlight of Business Operations:

Stores sales increased $49.3 million, or 20.5%, to $290.0 million in the first quarter of fiscal 2010 from $240.7 million in the first quarter last year. Comparable store sales increased 15.1% to $275.0 million in the first quarter of fiscal 2010 from $238.8 million last year. Comparable store sales decreased 5.1% in the first quarter of fiscal 2009. Non-comparable store sales were $15.0 million in the first quarter of fiscal 2010 due primarily to stores opened subsequent to the first quarter of last year.

Direct sales increased $18.9 million, or 19.9%, to $114.3 million in the first quarter of fiscal 2010 from $95.4 million in the first quarter last year. Direct sales decreased $5.5 million, or 5.5%, in the fiscal quarter of fiscal 2009.

Interest expense, net of interest income, decreased $0.5 million to $0.6 million in the first quarter of fiscal 2010 from $1.1 million in first quarter last year due primarily to lower debt outstanding resulting from a voluntary prepayment of $50.0 million in the fourth quarter of fiscal 2009.

Net income increased $24.3 million to $44.7 million in the first quarter of fiscal 2010 from $20.4 million in the first quarter of fiscal 2009. This increase was due to a $56.7 million increase in gross profit and a $0.5 million decrease in interest expense, offset by $16.5 million increase in selling, general and administrative expenses and a $16.4 million increase in the provision for income taxes.

Cash provided by operating activities in the first quarter of fiscal 2009 was $24.3 million and consisted of (i) net income of $20.4 million, (ii) adjustments to net income of $15.4 million, offset by (iii) changes in operating assets and liabilities (including the impact of excess tax benefits from share-based compensation plans) of $11.5 million due primarily to normal business fluctuations.

Capital expenditures were $7.1 million in the first quarter of fiscal 2010 compared to $16.5 million in the first quarter last year. Capital expenditures for the opening of new stores were $3.2 million and $10.6 million in the first quarter of fiscal 2010 and 2009, respectively. The remaining capital expenditures were for information technology enhancements, store renovations and corporate facilities. In light of unfavorable economic conditions we have slowed the pace of our store expansion for fiscal 2010. Capital expenditures are planned at approximately $55 million for fiscal year 2010, including $16 million for new stores and $20 million for information technology enhancements, and the remainder for store renovations and corporate facilities.

Read the The complete Report

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