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J. Crew Q1 profits nearly double; same-store sales jump 16%
New York -- J. Crew Group recorded a boost in first-quarter net income on strong sales. Profits nearly doubled to $30.7 million in the quarter ended April 28, from $16.2 million in the year-ago period.
Revenue grew 23% to $503.5 million, with same-store sales increasing 16%. Store sales were up 26% to $354 million, while direct sales grew 19% to $143.4 million.
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Most retailers beat sales estimates in May
New York -- With only a few exceptions, retailers are posting solid gains in May, with such chains as Target, TJX, Ross and TJX Cos. beating Wall Street forecasts for the month. The Thomson Reuters Same-Store Index, which tracks the stores that release monthly sales reports, is expected to rise 3.6% in May.
"Analysts are taking a careful approach to May same-store sales given the cautious tone issued by most retailers on second-quarter earnings guidance," said Ken Perkins of Retail Metrics, in a research report.