New York City J. Crew Group said Tuesday its profit more than doubled in the third quarter as sales rose by a double-digit percentage. The company earned $43.9 million in the quarter that ended Oct. 31, compared with $19 million a year earlier. The results beat expectations.
Revenue rose 14% to $414.1 million, from $363.1 million. Same-store sales climbed 8% at a time when many competitors are coping with declines.
The company boosted its expectations last month for sales and margins, and said Tuesday that its gross margin grew to 48.4% of revenue from 41.6% a year ago.
CEO Millard Drexler said the company's success was tied to doing simple things well.
"It's about product, it's about quality, it's about design, it's about creativity," he said in a statement.