J. Crew Posts Q4 Loss, Sales Rise 2.8%

J. Crew Group ended fiscal 2014 with a fourth-quarter loss while a large impairment charge in the third quarter kept it in the red for the year. The company is scheduled to report more detailed fourth-quarter results today. It also released its annual report, Form 10-K, with the Securities and Exchange Commission late Tuesday, allowing for interpolation of fourth-quarter figures. In the fourth quarter ended Jan. 31, the New York-based multichannel specialty retailer had a net loss of $30.6 million versus net income of $5.9 million in the comparable three months of 2013. Quarterly impairment totaled $26 million in last year’s quarter and $1.2 million in the prior-year period. Revenues in the quarter rose 2.8 percent to $705.3 million from $686.2 million a year ago. Full-year results included a net loss of $657.8 million, including a $684 million impairment charge in the third quarter, versus net income of $88.1 million in 2013. In 2013, impairment charges totaled $1.9 million. Revenues for the full year rose 6.2 percent to $2.58 billion from $2.43 billion with comparable sales down 0.7 percent versus a 3.1 percent gain in 2013. The annual report didn’t contain a breakdown of direct versus retail sales, but did specify sales by brand. J. Crew’s

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