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J. Crew preps for down 2015


New York – J. Crew Group is prepping for a down fiscal 2015 after a disappointing first quarter. Non-cash goodwill impairment charges and rising selling, general and administrative (SG&A) expenses helped significantly increase the retailer’s net loss to $462.4 million, compared to $30.1 million the first quarter of fiscal 2014.

Total revenues dropped 2% to $581.8 million from $591.97 million. Same-store sales fell 8%. J. Crew expects reductions in the profitability of its J. Crew reporting unit through the fiscal year, primarily driven by performance of women's apparel and accessories.

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