Agenda-setting intelligence, analysis and advice for the global fashion community.
NEW YORK, United States — J.Crew Group's turnaround orchestrated by its recently ousted chief appears to have staying power, with the retailer reporting its third straight comparable sales gain after years of declines.
The apparel company’s total comparable-store sales rose 8 percent, the biggest gain in more than five years.
Key Insights
The results cap James Brett’s last quarter leading the retailer and show his moves put the company back on track. He departed suddenly as chief executive earlier this month shortly after relaunching J.Crew’s famously preppy namesake brand to offer more size options and entry-level prices. The company didn’t give any further details on his departure as it released earnings Thursday.
ADVERTISEMENT
J.Crew’s more casual Madewell line has been more successful than its larger namesake brand, and that proved to be true again this quarter. Madewell’s comparable sales spiked 22 percent in the quarter, but even its slower growing J.Crew brand saw 4 percent growth.
The same-store sales increase marks the third consecutive quarter of growth, following years of losses. Until it reported in May, the retailer had 14 straight quarters of sales losses.
By Hema Parmar; editors: Anne Riley Moffat and Jonathan Roeder.