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    J.Crew Fourth Quarter From Profit To Loss This Year Continue To Close Shop Restructuring

    2019/3/28 21:02:00 3583

    J.Crew

    Sales performance of J.Crew Group Inc. continued to stabilize in the fourth quarter, but profitability declined sharply because of the fundamental weakness of J.Crew brand.

    The group, which is still looking for new leaders to effectively rescue the J.Crew brand, pushed last year's "disappointing" performance responsibility to the former CEO James Brett.

    J.Crew Group Inc. president, chief operating officer and CEO office member Michael J.Nicholson pointed out that last year, many new strategies of J.Crew brand ended in failure, which had a negative impact on the overall financial performance of the group.

    In the fourth quarter of the fiscal year 2018 as of February 2, 2019, the net sales of J.Crew brands decreased by 3.6% to 527 million 900 thousand US dollars over the same period of the year, and the sales benefit from the favorable base effect achieved 6% growth, maintaining the increase since the two quarter; net sales still fell by 3.7% to 1 billion 779 million 500 thousand US dollars a year, up two percentage points over sales.

    J.Crew's sluggish demand for commodities and its confused brand strategy led to a 36 million 900 thousand dollar decrease in inventory value in the fourth quarter due to the processing of redundant inventories, and the profit went with it.

    Gross profit margin plunged from 36.7% in the fourth quarter of fiscal 2017 to 22.4%, operating losses, net losses and adjusted EBITDA losses reached $64 million 200 thousand, $74 million 400 thousand and $31 million 900 thousand respectively, while operating profit, net profit and adjusted EBITDA were realized at 4 million 900 thousand US dollars, 34 million 700 thousand US dollars and 63 million 400 thousand US dollars in the same period last year.

    In mid November 2018, J.Crew Group Inc. abruptly announced the resignation of the chief executive James Brett who took office for only 15 months. The group emphasized that it was a joint decision between the two sides.

    In half a month, the media broke out the new product line of the J.Crew brand. The Nevereven listing was completely gone in less than three weeks, and the J.Crew Mercantile business with the completely repeated J.Crew Factory product line and the product line of the inherent discount shop will also be closed. The overthrow of the new strategy caused the stock to surge sharply, and the soaring marketing promotion and management cost will eventually be wasted.

    As of February 2nd, J.Crew Group Inc. inventories amounted to $390 million 500 thousand, an increase of 33.5% over the same period last year of $292 million 500 thousand.

    Michael J.Nicholson stressed at last Wednesday's analyst conference call that nothing had been done last year, and that the overall membership plan and wholesale business had achieved results.

    Last month, management has also hired a well-known designer, Chris Benz, as the chief designer for the J.Crew brand.

    At the same time, cowboy leisure brand Madewell continued to advance vigorously. Under the high base effect, the four quarter and the whole year further realized comparable sales growth of 22% and 25%. Net sales also increased by 15.9% and 26.1% to 157 million 900 thousand US dollars and 136 million 300 thousand US dollars respectively.

    Michael J.Nicholson pointed out that the brand's record last year was "speeding up the road to becoming a global brand of $one billion".

    J.Crew Group Inc. earned a total of $733 million 800 thousand in the fourth quarter, up 3% from $712 million 700 thousand in the same period of the previous year, while the annual income of $2 billion 484 million increased by 4.6%.

    As of February 2nd, the group's net cash fell to $25 million 700 thousand from $107 million 100 thousand a year ago.

    This year, J.Crew Group Inc. will continue to take advantage of the Madewell's own momentum and the revival of the cowboy market to offset the weakness of the J.Crew brand during its successful strategy.

    Michael J.Nicholson indicates that management has adjusted the strategy in a timely and decisive manner to improve performance in 2019, so as to help J.Crew brand turn a profit while pushing Madewell to maintain its strength.

    Madewell will maintain its speed of expansion of ten stores a year and enter the new financial year. Up to now, the brand has opened four stores, including the new Hudson Yards store in New York, which has increased the total number of stores to 135.

    The J.Crew brand has closed 26 stores in the past year and plans to close 20 stores this year. The strategy adopted by the shrinking fronts is the same as that of Gap GAPP, Victoria 's Secret Vitoria, also frustrated in the retail market.

    J.Crew Group Inc. is currently making decisions by the CEO office. Its members include Michael J.Nicholson, President and chief experience officer Adam Brotman, chief executive officer Lynda Markoe and Madewell brand president, four people.

    It is reported that the group has interviewed the world's second largest clothing retailers H&M Hennes&Mauritz AB (HMb.ST) before the global sales director, Old Navy veteran Navy money global brand president and Ralph Lauren Corp. (NYSE:RL) former chief executive officer Stefan Hou, this week quoted the news that he will seek another high.

    Source: no fashion Chinese net: Lin Biying

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