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J. Crew profits fall 42% on costs, but sales up
New York -- J. Crew Group Inc. reported a 42% decrease in its fiscal fourth-quarter profit amid higher costs. Net income fell to $5.92 million in the quarter, which ended Feb. 1., down from $10.2 million in the year-ago period.
Revenue increased 6.7% to $686.2 million. Retail store sales rose 5% to $438.6 million and direct sales jumped 10% to $238.1 million
Same-store sales, which includes direct sales, rose 3%. Excluding a calendar shift, comparable-store sales increased 4%.
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Loblaw-Shoppers Drug Mart deal approved; Loblaw to close 18 stores
New York -- Loblaw Cos. Ltd.’s acquisition of Shoppers Drug Mart Corp. has been approved by Canada’s Competition Bureau. The $12.4 billion (US$11 billion) deal is expected to close on March 28.
To win approval from the Competition Bureau, Loblaw agreed to sell 18 stores and nine in-store pharmacies.