| NYSE:JCG - Apparel retailer J. Crew Group Inc. on Thursday said fiscal first-quarter net income rose sharply on strong sales at established stores. Profit for the quarter ended May 5 after preferred stock dividends totaled $24.6 million, or 39 cents per share, versus a profit of $4.4 million, or 12 cents per share in the year-ago quarter. Revenue rose 24 percent to $297.3 million, from $240.7 million last year. Analysts polled by Thomson Financial expected a profit of 30 cents per share on revenue of $271.1 million. The company, which went public nearly a year ago in June, said same-store sales rose 13 percent, or 8 percent adjusted for the current-year retail calendar. Same-store sales, or sales in stores open at least one year, is a key gauge of retail industry performance, because it measures growth from established stores rather than growth from newly opened ones. J. Crew said it expects long-term same-store sales growth in the mid single-digit range, direct sales growth in the high single-digits, net square footage expansion in the 7 percent to 9 percent range, and diluted earnings per share growth of more than 20 percent. |
