J. Crew grows Q1 web sales by 50%
Internet sales were brisk for multi-channel apparel retailer J. Crew Group Inc. in the first quarter.
In Q1 web sales rose by 50% while total revenue grew by 23.5%. For the first quarter, J Crew, No. 63 in the Internet Retailer Top 500 Guide, posted e-commerce revenue of $65.7 million vs. $43.8 million in the prior year. Overall the company reported net income of $24.6 million on sales of $297.3 million vs. net income of $7.8 million on revenue of $240.7 million in Q1 2006.
The web accounted for 22% of total sales in the first quarter of 2007 and 76% of direct sales, which reached $86.6 million. “We continue to see a shift of direct customers from our catalog to the Internet and we continue to evaluate the efficiency of our circulation strategies,” J. Crew says in its recently filed quarterly financial report with the Securities and Exchange Commission.
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