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J. Crew swings to loss in Q1

6/9/2011

New York City -- J. Crew Group reported Thursday that it lost $29.9 million in the fiscal third quarter, compared to a profit of $44.7 million in the year-ago period.



The apparel retailer said the loss was due to markdowns to clear out excess inventory and charges related to being acquired.



J. Crew went private in March in a $3 billion deal with two private-equity firms.



Revenue dropped 3% to $281.2 million. Same-store sales fell 3%.

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