Search
 

J. Crew's Sales Soar 20% In Fiscal 2006

NEW YORK CITY-The retailer posted solid results in nearly every financial category in 2006, and officials are forecasting continued growth this year.

By Joe Clements | Updated on March 14, 2007

NEW YORK CITY-Accessorized by a fourth quarter where sales in stores rose 20% and total revenues were up 27%, J. Crew Group’s 2006 financials bore a crisp look worthy of the clothier’s stylish clientele when the figures were delivered during a company conference call late Tuesday.

“We’re very pleased,” J. Crew CEO Millard Drexler stated in reviewing the fiscal year ending Feb. 3 for the company. Revenues of $1.15 billion and $808.5 million in store sales each equaled gains of 21% compared to FY 2005. Internet and catalog sales leapt 22% to $308.6 million even as the company accelerated expansion of its bricks-and-mortar empire. Five stores were shuttered in FY 2006 but 29 new ones came on line, among them two fresh retailing concepts, Crewcuts and Madewell.

“We are starting to evolve into a category of our own, and the exciting thing is that people are starting to recognize us for that,” offered Drexler, whose company now operates 276 stores totaling 1.54 million-sf of space. Of those, 178 are retail shops and 51 are so-called factory outlets, creating a platform drastically different from the catalog-only approach employed during J. Crew’s launch nearly a quarter century ago. The company anticipates expanding its net sf by 7% to 9% in the coming year, according to Drexler.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.