J. Crew Group Inc. (New York) announced sales at its retail stores and factory decreased 3 percent for the fourth quarter ended Jan. 31. Comparable store sales dropped 13 percent, compared with an increase of 4 percent during the same period last year.
"We are disappointed with our fourth quarter operating results. Our mission, day after day, is to adjust to this new, not fun, retail reality, while not compromising our long term strategy and integrity,” says chairman and ceo Millard Drexler. “We believe the actions we are taking, our focus on quality products and customer service, along with our strong balance sheet, will position us well for when the environment eventually improves."
For fiscal 2008, J. Crew’s store sales increased 7 percent to $974.3 million, while comparable store sales dropped 4 percent.
The retailer announced that based on the uncertain economy, it is suspending providing annual guidance but will continue to provide guidance on a quarter to quarter basis. J. Crew Group operates 229 retail stores, including six Crewcuts and 12 Madewell stores.