The gross margin increase was 46%, up from 42% last year, which the company attributes to higher full price selling and leverage on fixed buying and occupancy costs. Inventory posted at $105 million, up 24% from 2004.
Consolidated revenue was $211 million, up 45% from $114 million last year. Net income was $5 million for the quarter, a much better figure than last year's net loss of $24 million.
Retail net sales for the quarter were $146 million (including factory sales), up 40% from $104 million last year, which the company attributes to its boosted same-store sales. Online and catalog sales increased by 59% to $59 million, up from $37 million last year.
"The scarcity of our merchandise in last year's first quarter also helped contribute to this quarter's strong comp performance," says Millard Drexler, chairman and CEO. Expenses for selling, general and administrative purposes were $74 million, up from $64 million last year.
This year's total was 35% of revenue for the quarter, compared to last year's 44% of revenue a year ago. J. Crew has 157 stores, 43 factory outlets, and catalog and online sales.
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