Mickey Drexler’s Take On J.Crew’s Q4

Yesterday, J.Crew issued a press release where the company said it is lowering its forecast for the fourth quarter as well as for the year ahead. To read the press release, please click here.

In an article published today at Women’s Wear Daily, CEO, Micky Drexler addresses the issue.

J. Crew Group lowered fourth-quarter guidance to a range of a loss of between 24 cents and 29 cents a share from its earlier expectations of a profit of between 5 cents and 10 cents.

“I’m not going to say we’re not disappointed,” said Millard “Mickey” Drexler, chairman and C.E.O. of J. Crew Group. “This has been an incredibly tough time for us, for retail and in general for most businesses in America. As difficult and challenging as business is, we have to keep this all in perspective. Business turned really difficult starting in the fall, and I don’t think anyone can say when it will get less so. We are shopkeepers who have to make certain we have, day-in and day-out, the right goods in the stores, online and in the catalogues, and that we are taking care of every single customer in the best way possible. We’re not sure when things will turn around. But I feel very good about our positioning in the marketplace when it in fact does turn.”

What changes do you think J.Crew needs to make? Has your shopping behavior changed? When do you think the economy will get better?