FINANCE

J Crew Posts Q4, Annual Results

BY CSA STAFF

New York City J. Crew Group reported Tuesday its financial results for the fourth quarter and fiscal year ended Feb. 2, 2008 (fiscal 2007). The company’s fiscal year 2006, consisted of 53 weeks, resulting in a 14-week fiscal fourth quarter last year.

For the three months ended Feb. 2, 2008, revenues increased 9% to $399.9 million. Store sales (retail and factory) increased 8% to $260.6 million, with comparable-store sales remaining flat.

Gross margin increased to 41.3% of revenues from 40.8% in the fourth quarter of fiscal 2006.

For the fiscal year 2007 ended Feb. 2, 2008, revenues increased 16% to $1,334.7 million. Store sales (retail and factory) increased 13% to $914.8 million, with comparable-store sales increasing 6%. Realigning last year’s calendar weeks to be consistent with the current-year retail calendar weeks would result in a comparable-store sales increase of 6% in fiscal 2007.

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Blue Nile cfo steps down

BY CSA STAFF

SEATTLE Blue Nile has announced that Robin Easton has resigned from the role of cfo to pursue other interests, effective March 31. The company said it has begun a search to fill the cfo position.

Upon Easton’s resignation, Terri Maupin, the company’s vp of finance and controller, will assume the duties of the principal financial and accounting officer. Maupin has served as the company’s vp of finance since July 2004 and controller since September 2003. Prior to Blue Nile, Maupin served as the staff vp of finance and controller at Alaska Air Group.

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MGP Ingredients ceo resigns

BY CSA STAFF

ATCHISON, Kan. Ladd Seaberg has announced that he is stepping down as ceo of MGP Ingredients, effective immediately. Seaberg will continue to serve as chairman of the board of directors. He is being succeeded as ceo by MGPI President Tim Newkirk, who has also served as coo of the company since May 2006.

“I am very comfortable with the timing of this transition from my role as ceo, and have the utmost confidence in Tim Newkirk’s abilities to lead our company forward,” Seaberg said.

Seaberg became chairman of MGPI’s board in October 2006, succeeding Cloud Cray, who had held the post for 26 years. He has served as ceo of the company since 1988.

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