Report: J. Crew Could Expand Madewell Brand
New York City An executive at J. Crew Group Inc. said on Wednesday that the company could make a decision about whether to expand its Madewell brand during the second half of the year, according to the Associated Press.
CFO Jim Scully made the remarks, which were Webcast, during the Wachovia Nantucket Equity Conference.
J.C. Crew began developing the line, which is lower priced than its J. Crew line and targets a slightly younger demographic, in 2006 and it is still classified as research and development.
“We decided that the second half of this year we were going to make a ‘go or no go’ decision,” on Madewell,” Scully said. “One thing we won’t do is lose $15 million a year, we’ll either lose zero or ramp up and be profitable.”
Any ramp-up would take place in 2010 due to real estate issues, he said.
Currently, there are eight Madewell stores in the United States, including one in New York City, and two more are scheduled to open this year. The online store is scheduled to launch in July or August, the report said.
Bed Bath & Beyond posts 1Q earnings drop
UNION, N.J. Bed Bath & Beyond has reported net earnings of 30 cents per diluted share ($76.8 million) in the fiscal first quarter ended May 31, compared with net earnings of $.38 per diluted share ($104.6 million) in the same quarter a year ago.
Net sales for the fiscal first quarter of 2008 were approximately $1.65 billion, an increase of approximately 6.1% from net sales of $1.55 billion reported in the fiscal first quarter of 2007. Comparable-store sales for the fiscal first quarter of 2008 increased by approximately 0.8%, compared with an increase of approximately 1.6% in last year’s fiscal first quarter.
New site launches for Wal-Mart Marketside
BENTONVILLE, Ark. Wal-Mart has launched a new site for its Marketside concept at www.marketside.com.
The site includes information about the concept, which Wal-Mart said offers “a wide selection of complete meal solutions, fresh ingredients, and everyday favorites at affordable prices — all in one easy-to-shop store.” In addition, the site provides information on how to apply to positions within the stores and where the stores are located.