FINANCE

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%.

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.

Costco Wholesale Corp. exceeded Wall Street expectations with improved net earnings in the third quarter of fiscal 2016.
 
Net income for the quarter totaled a better-than-expected $545 million, up 6% from $516 million the prior-year period.

Net sales increased 2% to $26.15 billion, just short of forecasts, and up from $25.52 billion last year.

Feeling the heat from an activist inventory, Chico's FAS Inc. will increase its cost-cutting efforts on the heels of a disappointing first quarter.
    
The women’s apparel retailer reported a profit of $31.1 million, or 23 cents a share, for the quarter ended April 30, down from $32.5 million, or 22 cents a share, a year earlier. Excluding restructuring-related charges and other items, adjusted per-share earnings fell to 25 cents from 30 cents.

Guess Inc. swung from profit to net loss in the first quarter of fiscal 2017, missing analyst estimates for both net earnings and revenues.

The apparel retailer reported a net loss of $25.2 million, compared to net earnings of $3.3 million the same quarter a year earlier. Restructuring charges, a negative tax impact, and currency fluctuations helped push the retailer into the red.

The nation’s top two extreme-value discounters aren’t feeling the retail malaise that affected department stores and many specialty retailers in the first quarter.  

Cost cuts helped Abercrombie & Fitch Co. put a sizable dent in its net loss during first quarter 2016, but the teen apparel retailer reported lower than expected sales and earnings as store traffic declined, particularly overseas.  
 
Abercrombie reported a net loss of $39.6 million, down from $63.2 million in the year-ago period, Expense reduction efforts and the realization of savings on lower sales drove the loss reduction.
 
Net sales dropped 3% to $685.5 million from about $707 million, missing Wall Street projections.