According to an amended filing with the Securities and Exchange Commission, the underwriters, represented by Goldman, Sachs & Co. and Bear, Stearns & Co. Inc., have the option to buy up to 2.82 million additional shares from J. Crew to cover overallotments. With these shares included, the company is anticipating as much as $367.54 million from the offering.

The retailer first filed for an IPO in August of 2005, at which time it expected to raise $200 million. In December, the company raised the IPO amount to $355 million. The company will operate with the New York Stock Exchange under the symbol "JCG."

In the filing, J. Crew also disclosed its plans to expand its store base by between 15 and 30 stores in fiscal 2006. Thereafter, the company intends to expand its store base by between 25 and 35 stores annually. The retailer will look to open new stores "predominately in affluent markets where we have demonstrated strong direct sales, and to adhere to our already-successful retail store formats, which we believe reinforce our brand image and generate strong sales per sf," the SEC filing states.

In its latest quarter, ended April 29, the retailer reported a 14% increase in consolidated revenues to $240 million from $211 million a year ago. Retail and factory stores sales for the first quarter increased by 15% to $167 million, with comparable store sales up 12%.

Despite the most recent positive earnings, J. Crew warned in its SEC filing that it faces intense competition in the specialty retail industry. "Many of our competitors are, and many of our potential competitors may be, larger and have greater financial, marketing and other resources," the filing states. "As a result, we may lose market share, which would reduce our revenues and gross profit." The company operates 164 retail stores and 45 factory outlet stores.

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