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Mickey Drexler out as CEO of J.Crew Group
It is the end of an era in retail. One of the most prominent — and legendary — chief executives in retail is stepping down. Millard “Mickey” Drexler will step down after almost 15 years as J. Crew’s CEO as of July. He will continue in his role as chairman. Drexler is the former CEO of Gap Inc., which he built into a retail powerhouse. He was abruptly fired in 2002 by Gap founder Donald Fisher amid slumping sales and the chain's falling stock. (Prior to Gap, Drexler oversaw a turnaround of Ann Taylor.) -
Williams-Sonoma tops estimates
Williams-Sonoma Inc. on Wednesday reported better-than-expected quarterly results, fueled by a strong performance at its millennial-targeted West Elm division. The home furnishings retailer's first-quarter earnings were $39.6 million, or 45 cents a share, compared with $39.6 million, or 44 cents a share, in the year-ago period. On an adjusted basis, the company earned 51 cents a share. Analysts had forecast earnings of 49 cents a share.