J. Crew Group is prepping for a down fiscal 2015 after a disappointing first quarter. Non-cash goodwill impairment charges and rising selling, general and administrative (SG&A) expenses helped significantly increase the retailer’s net loss to $462.4 million, compared to $30.1 million the first quarter of fiscal 2014.
Profit plummeted in a difficult first quarter of fiscal 2015 for Lands’ End Inc. that also saw sales decline. Cost of sales and other expenses declined at a smaller rate than revenues, leading to net income of $1.72 million, down 84% from $10.86 million the same quarter a year earlier.
Net income at the Michaels Companies Inc. skyrocketed 47% to $67 million in the first quarter of fiscal 2015 compared to $45 million in the same quarter a year earlier. A large drop in interest expense helped fuel strong profit growth.