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current news

Acquisition Costs Lead to J. Crew 2q Net Loss

(Filed Under Financial and General Interest News). J. Crew Group Inc. reported a second-quarter net loss of $10.5 million due to costs related to its acquisition by TPG Capital and Leonard Green & Partners in March 2011.

The company stated that a series of shareholder claims regarding the acquisition pricing were settled by adding $6 million to the $10 million settlement that was confirmed in January. The $10 million litigation settlement was recorded in last year’s fourth quarter, while the additional $6 million was expensed in this most recent quarter.

Gross margin fell from 44.6 percent to 36.5 percent with the acquisition costs. However, revenues for the retailer rose 6.7 percent to $435 million from $407.5 million in the second quarter of 2010. Direct sales rose 13.1 percent to $116 million and store sales went up 5.4 percent to reach $311 million.

The J. Crew Group, Inc. currently operates 251 stores across the United States, with plans to open nine new retail stores and 11 outlet stores before the end of the year.

more Financial and General Interest News >>

Published 09-12-2011 by Katherine Rautenberg

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