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J. Crew’s direct sales increase in second quarter
J. Crew’s direct sales, which mostly come from the web, increase 16%.
Senior Editor, Research
J. Crew Group Inc. continues to experience steady growth in sales for the second quarter and first half of 2010.
For the second quarter ended July 31, J. Crew, No. 50 in Internet Retailer’s Top 500 Guide, reported:
• Direct sales, which mostly come from the web, increased 16% to $102.5 million from $88.2 million in the same quarter in 2009.
• Total sales grew 14% to $407.5 million from $357.6 million in 2009
• Comparable-store sales increased 11%.
• Net income was $34.9 million, an 87.6% growth from $18.6 million in the second quarter of 2009.
For the first two quarters, J. Crew reported:
• Direct sales increased 18.2% to $216.9 million from $183.5 million in the first six months of fiscal 2009
• Total sales grew 17% to $821.4 million from $703.3 million in the first six months of fiscal 2009
• Comparable-store sales increased 13%.
• Net income was $79.6 million, up 103.6% from net income of $39.1 million in the first six months of fiscal 2009.
"While we are really pleased with the second quarter, it is more critical than ever to continue to move forward and invest in our business for quality, long-term, earnings growth," says Millard Drexler, J. Crew's chairman and CEO.
Drexler also announced plans to expand the company’s factory outlet business including a new e-commerce site, Factory.com, due to launch this month.
“We’ve been working on this offline for a while and we are now ready to go online,” says Drexler. “In addition, our factory store business continues to be highly productive for us and we have an opportunity to capitalize on a strong business year as well as continue to leverage investments we have made in the core J. Crew business.”
Drexler added that J. Crew plans to increase factory outlet square footage by at least 10% a year over the next several years.