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J. Crew Sales Up 37%

NEW YORK CITY-Comparable store sales are up 37% for J. Crew this quarter, with $23 million in operating income.

By Sean Ryan | Updated on June 13, 2005

NEW YORK CITY-Comparable store sales raised 37% for J. Crew’s first quarter of fiscal 2005. Operating income was $23 million, compared to a $3 million loss in Q1 2004 for the clothing retailer.

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.

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