J. Crew Q1 profits nearly double; same-store sales jump 16%
New York — J. Crew Group recorded a boost in first-quarter net income on strong sales. Profits nearly doubled to $30.7 million in the quarter ended April 28, from $16.2 million in the year-ago period.
Revenue grew 23% to $503.5 million, with same-store sales increasing 16%. Store sales were up 26% to $354 million, while direct sales grew 19% to $143.4 million.
Pier 1 Q1 same-store sales up 7.2%
FORT WORTH, Texas — Pier 1 reported that same-store sales rose 7.2% in the first quarter, helped by strong holiday assortments. First-quarter revenue was up 8% to $361 million, beating Wall Street’s estimate of $360.7 million.
President and CEO Alex Smith said Thursday that the shoppers have been buying the retailer’s Easter, spring, Mother’s Day and Memorial Day products.
Sycamore and Talbots sew up $193 million deal
Hingham, Mass. — After announcing that talks between private equity firm Sycamore Partners and Talbots had ended, then issuing an update that negotiations had resumed but without exclusivity, the pair said Thursday that a deal has been struck.
Sycamore Partners is acquiring the apparel retailer for approximately $193.3 million, according to Thursday’s announcement.
Including debt, the deal is valued at close to $369 million.