J.Crew stock (JCG) hit an all-time low today. In the last year, the stocked reached an all time high at $51.98. Currently, the stock is trading at $15.03.
Many retailers are starting to feel the pinch of the hurting economy. I am super surprised at the significant difference between its high and low.
Confess your love here.
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November 11th, 2008 - 1:12 am
Maybe it’s time J.Crew employees quit copping an attitude when we call them to place an order…after all, we are the ones buying the clothing that ultimately pays their employees.
This is no surprise to me…if they keep it up, we could see a lot of loyal shareholders sell based on missed target earnings, etc. Not only will they lose the faithful followers, but their trusty stockholders as well.
Although the % off sales are gone, it looks like the real sale price is going on in their stock price!
November 11th, 2008 - 4:29 am
I am not surprised at all. Really bad timing for their change in direction to upscale! I think their stock will continue to fall….sad but true. Yes, many people still have great jobs but many people who do are “scared” and are not spending.
November 11th, 2008 - 7:50 am
Totally agree with Sad, but true. I rarely call for a price adjustment but I did yesteday. The SA was curt, sarcastic, and I had to really “butter her up” on the phone before she even SLIGHTLY changed her surly attitude. This is no way to treat paying customers in this uncertain economy. This experience makes me think twice about buying an impulse item from J Crew.
November 11th, 2008 - 11:27 am
Hmm. I actually disagree with the previous comments. Any time I have had to interact with J Crew by phone I have found the employees to be exceedingly pleasant. Many of my local store employees could stand to lose their snootiness, though - I really don’t like people looking down their nose at me and I often feel on the receicing end of that when I’m not properly turned out while shopping (ha).
Still, historically speaking, ‘rich’ people don’t usually change their spending habits in times of economic crisis. I agree that the shift to upscale is ill-timed, but whoever the Crew is targeting with the collection pieces will still buy them whether they’re on sale or not. I’m frankly a little surprised at the steep drop in the share price because I have a feeling J Crew is not seeing the same sharp declines in revenues that other retailers are. I think JC customers are a fiercely loyal bunch who will cut out other things before they cut out their Crew fix. I’d rather eat beans and soup and look great than the other way around (LOL).
I do hope we haven’t seen the end of good sales, though. I refuse to pay full price for anything, anywhere, and J Crew is no exception, even though I love it all and would buy up every single item if I could afford to!
November 11th, 2008 - 11:31 am
Oh. I see. The stock fell to an all-time low Monday after an analyst said she expects weaker results from the apparel and accessories retailer, and lowered her estimates and price target on the stock.
Well, that makes sense I guess. The analyst specifically mentioned that the store’s # of promotions has been exceptionally high in Q3 and that it doesn’t bode well for profits.
Well, lemme file that under D for DUH! ;-P
November 11th, 2008 - 1:38 pm
I’ve been very happy with the customer service I’ve received when I call JCrew - if only their website would be as “nice” as their flesh-and-blood employees.
I can’t help but think all of the mess with the website has hurt them this quarter.
November 11th, 2008 - 6:32 pm
I agree that the roll out of the new web design has been horrible, not to mention very costly for J.Crew. I would have preferred that they keep the old site and save the money.
I also question the timing of the new collection stores and men’s only store in NYC.
All of this said, I do have faith in Mickey’s long term strategy and think now is a good time to buy. When the economy rebounds they are in an excellent position to profit from it.
November 13th, 2008 - 6:47 pm
what stocks are? love jcrew. just created a post about their wedding dresses…, should show up this weekend. Go JCrew!
November 14th, 2008 - 10:48 pm
CityMouse, I definitely agree with you. I can not really understand how the upgrade has helped customers. Maybe it was more of an internal upgrade that J.Crew really needed, but they did not foresee the short term effects of it.
Perhaps in a few months, the shoppers like us will see the benefits of the upgrade.