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J. Crew Q2 profit nearly doubles, but cuts 2010 outlook

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New York Improved sales and margins helped drive J. Crew Group's net income up sharply in the second quarter but the retailer lowered its full-year outlook. The retailer reported earnings of $34.9 million, up from $18.6 million for the year-ago period.

Total revenue grew 14% to $407.5 million. Online and catalog sales jumped 16%, but sales trends in its stores softened. Same-store store sales rose 11%, while direct sales increased 16% in the quarter.

In a conference call, chairman and CEO said the company was pleased with the quarter's results. But in remarks similar to those made by many other retail heads, he said continued economic uncertainty led J. Crew to take a more conservative outlook for the back half of the year.

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