Fashion & Beauty

J.Crew Announces Store Closures and Plans to Explore Wholesale as Sales Continue to Sink

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The ongoing J.Crew-needs-a-major-turnaround-and-fast saga continues. On Monday afternoon, the retailer launched its earnings outcomes for the primary quarter of fiscal 2017, and issues have not improved a lot since last year. In truth, they’ve gotten worse.

For the corporate as a complete, income decreased 6 p.c to $532.zero million, with comparable gross sales down 9 p.c. Those numbers would have been even worse with out the inclusion of sister model Madewell, the place gross sales elevated 17 p.c as a complete and 10 p.c on a comparable foundation. At J.Crew, gross sales decreased 11 p.c, with comparable gross sales down 12 p.c. This marks an 11th consecutive quarterly decline, in accordance with Bloomberg.

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