J. Crew Group Inc. (New York), in its first financial report since Millard Drexler became chairman and ceo, announced a 2 percent drop in revenues and a 7.5 percent decline in same-store sales for its fourth quarter 2002.
For the full year, ended Feb. 1, 2003, revenues were off 15 percent and same-store sales dropped 10.4 percent.
“Given our difficult sales trend throughout 2002, we exercised tight control over costs and inventories,” said cfo Scott Rosen. “In 2003, we'll continue to manage the business conservatively as our new management team focuses on rejuvenating the J.Crew brand. We reduced our capital expenditure plan for 2003 and continue to execute ongoing expense reductions.”
In January 2003, Drexler, former ceo of Gap Inc. (San Francisco) was appointed chairman and ceo and Jeff Pfeifle, former executive vp at Gap's Old Navy division, was named president.