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J. Crew narrows loss but sales still falling
J.Crew Group Inc. managed to narrow its loss in the first quarter even as it continued to struggle with sluggish sales.
The retailer’s net loss for the quarter totaled $8.4 million, significantly less than the net loss of $462.41 million from the first quarter of fiscal 2015. Reductions in cost of goods sold, selling, general and administrative (SG&A) expenses and impairment losses helped trim net loss.
Total revenues fell to $567.5 million from $581.8 million. Same-store sales dropped 7%.
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Sears’ woes mount; exploring options for key brands
As Sears Holdings Corp. continues to struggle to turn its business around, the chain announced it is exploring ways to expand distribution of its key brands outside its own stores. The troubled retailer also announced its CFO is leaving.
Sears lost $471 million in its first quarter, ended April 30, compared with $303 million in the year-ago period. Loss per share came to $4.41, or $1.86 adjusted for certain items. Analysts estimated a loss of $3.20 per share.