J Crew increased its Revenues by 14% to $414.1 million. Store sales increased 20% to $300.1 million, with comparable store sales increasing 8%. Comparable store sales decreased 3% in the third quarter of fiscal 2008. Direct sales (Internet and Phone) rose by 4% to $105.5 million. Direct sales increased 13% to $101.8 million in the third quarter of fiscal 2008. Gross margin increased to 48.4% of revenues from 41.6% of revenues in the third quarter of fiscal 2008. Operating income increased to $75.2 million, or 18.2% of revenues, compared to $32.5 million, or 9.0% of revenues, in the third quarter of fiscal 2008. Net income was $43.9 million, or $0.67 per diluted share, compared to a net income of $19.0 million, or $0.30 per diluted share, in the third quarter of fiscal 2008.
Millard Drexler, J. Crew's Chairman and CEO stated: "We are very pleased with our third quarter results. Regardless of the economic environment our long term mission does not change - it's about product, it's about quality, it's about design, it's about service, it's about creativity. It might sound simple, but in this business sometimes the simplest things are the hardest to achieve."
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J.Crew Group, Inc. is an integrated multi-channel, multi-brand, specialty retailer. The Company offers complete assortments of women’s, men’s and children’s apparel and accessories, including wedding and special occasion attire, weekend clothes, swimwear, loungewear, outerwear, shoes, bags, belts, hair accessories and jewelry. J.Crew products are distributed through its retail and factory stores, its J.Crew catalog and Internet Website located at www.jcrew.com. As of January 31, 2009, it operated 226 retail stores, including five crewcuts, one Men’s store, one Women’s Collection store, and 10 Madewell stores, and 74 factory stores, including one crewcuts factory store, throughout the United States. The Company also operated 42 crewcuts shop in shops in its J.Crew retail stores and 10 crewcuts shop in shops in its factory stores. The Company conducts its business through two primary sales channels: Stores and Direct.
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