Posted on the J.Crew website today is a news release where the company said it is lowering its forecast for fourth quarter as well as for the year ahead.
J. Crew Group, Inc. Revises Fourth Quarter and Fiscal 2008 Guidance
NEW YORK, Jan. 8 /PRNewswire-FirstCall/ — J. Crew Group, Inc. (NYSE: JCG) today announced that it is revising its fourth quarter and fiscal 2008 guidance, primarily to reflect lower than anticipated sales and gross margin trends. The Company expects to report results for the fourth quarter and fiscal 2008 during the second week of March 2009.
For the fourth quarter of fiscal 2008, the Company currently expects earnings (loss) per share in the range of ($0.24) to ($0.29), as compared to its previous range for earnings per diluted share of $0.05 to $0.10. This compares to actual fourth quarter fiscal 2007 earnings per diluted share of $0.39. The Company’s fourth quarter outlook currently reflects comparable store sales in the negative mid teen range and Direct sales in the negative mid-to-high single digit range.
For fiscal 2008, the Company currently expects diluted earnings per share in the range of $0.77 to $0.82, as compared to its previous range of $1.11 to $1.16 and fiscal 2007 diluted earnings per share of $1.52.
This revised guidance reflects the aggressive inventory actions taken to clear fall and holiday inventory during the fourth quarter. In addition, the Company expects to end the year with cash and cash equivalents of approximately $135 million versus $132 million last year, $100 million of long term debt versus $125 million last year and no borrowings under its $200 million working capital facility.
To read more about this, please click the following articles.
- J. Crew cuts forecast on lower sales trends, from MarketWatch
- UPDATE 1-J Crew cuts outlook on weak sales, margins, from Reuters
- J. Crew sees 4Q loss; cuts full-year guidance, from the Associated Pres
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