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J. Crew Group Trims Loss, Sees Madewell as $1 Billion Brand

As it looks to retool some of the strategies implemented by its last chief executive officer, J. Crew Group showed signs of improvement. The group narrowed its loss for the third quarter to $5.7 million from a loss of $18.4 million in the year-ago period. This year’s third quarter reflects the impact of the benefit related to a lease termination payment. Last year’s third quarter reflected the impact of transformation costs and transaction costs. Adjusted earnings before interest, taxes, depreciation and amortization was $53.6 million compared to $68.4 million in the third quarter last year. The company considers adjusted earnings the best barometer of its performance. Total revenues increased 10 percent to $622.2 million. Comparable company sales increased 8 percent. By division, J. Crew sales increased 1 percent to $430.9 million. Comparable sales increased 4 percent. Madewell sales increased 26 percent to $133.7 million. Comparable sales increased 22 percent. Gross margin decreased to 38.3 percent from 40.4 percent in the third quarter last year. Earlier this month, the company dismissed ceo Jim Brett, due to disagreements with the board and shareholders over how he was redirecting the company. Some of the programs he initiated are being discontinued. “Jim and the board did not share the same vision on how best to take J. Crew forward,” said

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