Q3 e-commerce sales shoot up 51% at J. Crew
Internet sales were brisk for multi-channel apparel retailer J. Crew Group Inc. in the third quarter.
In Q3 web sales rose by 51% while total revenue grew by 21% and comparable store sales were up by 8%. For the third quarter, J. Crew, No. 63 in the Internet Retailer Top 500 Guide, posted e-commerce revenue of $71.3 million vs. $47.1 million in the prior year. Overall the company reported net income of $26.8 million on sales of $332.7 million vs. net income of $26 million on revenue of $276.6 million in Q3 2006.
The web accounted for 21% of total sales in the first quarter of 2007 and 79% of direct sales, which reached $90.3 million. “We are pleased with our third quarter results, which reflect the strength of both our store and direct businesses and our ongoing commitment to great style, quality and design,” says CEO Millard Drexler. “Our focus continues to be on driving high quality earnings growth by investing in the areas where we get superior returns, differentiating our assortments, and expanding our store and direct businesses.”
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