J. Crew Group, Inc. Raises Guidance
The Company's improved third quarter guidance reflects stronger than anticipated sales and margin trends in the third quarter. For the third quarter of fiscal 2009, the Company currently expects diluted earnings per share in the range of
The Company's outlook for the fourth quarter is based on the expectation that current trends in the third quarter will continue, however there can be no assurance that this will occur. For the fourth quarter of fiscal 2009, the Company currently expects comparable store sales to increase in the mid to high single digit range and Direct sales to increase in the low single digit range, as compared to the fourth quarter of fiscal 2008. The Company's fourth quarter fiscal 2009 gross profit margin expectations remain consistent with previous guidance of a 600 basis point sequential decline from actual third quarter results to fourth quarter. This revised outlook compares to the Company's previous outlook for the fourth quarter of fiscal 2009 of a low single digit increase in both comparable store sales and Direct sales.
The Company is providing this information given the significant expected outperformance to its original third quarter guidance and fourth quarter outlook previously provided in conjunction with the announcement of its second quarter results on
Certain statements herein are "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect the Company's current expectations or beliefs concerning future events and actual results of operations may differ materially from historical results or current expectations. Any such forward-looking statements are subject to various risks and uncertainties, including the strength of the economy, changes in the overall level of consumer spending or preferences in apparel, our ability to compete with other retailers, the performance of the Company's products within the prevailing retail environment, our strategy and expansion plans, systems upgrades, reliance on key personnel, trade restrictions, political or financial instability in countries where the Company's goods are manufactured, postal rate increases, paper and printing costs, availability of suitable store locations at appropriate terms and other factors which are set forth in the Company's Form 10-K and in all filings with the
James S. Scully, Chief Administrative Officer and Chief Financial Officer, +1-212-209-8040; or Investor Contact, Allison Malkin, or Chad Jacobs, or Joe Teklits, all of ICR, Inc., +1-203-682-8200