J Crew Group (JCG) saw its loss narrow to $7.90 million in the quarter ended compared with $759.66 million, a year ago.
Revenue during the quarter dropped 4.24 percent to $593.16 million from $619.42 million in the previous year period. Gross margin for the quarter contracted 54 basis points over the previous year period to 38.08 percent.
Operating income for the quarter was $19.98 million, compared with an operating loss of $808.52 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $53.30 million compared with $73.60 million in the prior year period. At the same time, adjusted EBITDA margin contracted 290 basis points in the quarter to 8.99 percent from 11.88 percent in the last year period.
Millard Drexler, chairman and chief executive officer, commented, "Our third quarter results reflect ongoing traffic challenges and a highly promotional retail environment. While we expect these trends to persist through the fourth quarter, we continue to remain focused on driving sales productivity and carefully managing inventory and expenses. In addition, we have several key operational initiatives underway that we believe position us to regain momentum and deliver long term growth."
Debt comes down marginallyJ Crew Group has recorded a decline in total debt over the last one year. It stood at $1,513 million as on Oct. 29, 2016, down 1.78 percent or $27.43 million from $1,540.42 million on Oct. 31, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
