J. Crew Group, Inc. (JCG) Shares Surge on 3Q Results
Shares of J. Crew Group Inc. jumped on Friday after the preppy retailer reported a strong third-quarter profit and raised its full-year outlook, and analysts said the results were a bright spot in a weak retail sector.
Late Thursday, J. Crew reported third-quarter profit rose 3 percent on higher sales at its retail, Internet and catalog business. Revenue rose 21 percent, and same-store sales rose 8 percent. Same-store sales, or sales in stores open at least one year, are a key metric of a retailer's health.
On Friday, J. Crew shares gained $7.75, or 19.2 percent, to $48.05 Friday. The stock has traded between $33.50 an $57.17 during the past year.
The New York-based retailer has been focusing on higher-margin items, including women's suits, Italian cashmere and its Crew Cuts line of children's clothing, and worked on increasing sales in existing stores, rather than opening new stores, to drive growth.
Late Thursday, J. Crew reported third-quarter profit rose 3 percent on higher sales at its retail, Internet and catalog business. Revenue rose 21 percent, and same-store sales rose 8 percent. Same-store sales, or sales in stores open at least one year, are a key metric of a retailer's health.
On Friday, J. Crew shares gained $7.75, or 19.2 percent, to $48.05 Friday. The stock has traded between $33.50 an $57.17 during the past year.
The New York-based retailer has been focusing on higher-margin items, including women's suits, Italian cashmere and its Crew Cuts line of children's clothing, and worked on increasing sales in existing stores, rather than opening new stores, to drive growth.
Labels: J. Crew Group Inc., JCG
posted by Stock Administrator @ 7:35 PM
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