J.Crew Loses $30.1 Million In 2014 (That's A LOT Of Spangly Shirts)
J.Crew Group, Inc. shared its first-quarter report card on Wednesday, and the results might surprise Jenna Lyons loyalists. The company disclosed a 2% dip in sales for the three months ending on May 3, 2014, compared to a 5% bump during the same period last year. The net loss was $30.1 million. Women's Wear Daily
reports J.Crew attributed the drop to refinancing costs. Per a press release
, the refinancing, which occurred in March, is expected to yield "an annual savings of $16 million in interest expense." Sounds like a good deal.
The other numbers were positive (math humor!). Store sales went up 2% to $386.4 million, direct sales grew 12% to $197 million, and revenues increased 5% to $592 million. So, what can be made of the overall decrease in sales? "It could be that the company is investing heavily in operations and international expansion," offers Fashionista
. Or, planning a huge party to celebrate Mercantile's arrival
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