Photo: J.Crew
J.Crew Group Inc., a privately held company which owns J.Crew, known for its colorful preppy chic clothing, and Madewell, a more rustic but hipper sister store, reported its first quarter earning today with a 4.5% decrease in profit but store sales are up 5% and revenue increased 12%. This means they are selling more but their margins are lower and expenses are off-setting revenue.
I can't say I'm surprised as J.Crew and Madewell have been having amazing sales this year. I don't even bother looking at regular-priced items anymore because I can find relatively current items marked down and a good variety and selection too; it's just overall a better deal in the sales racks. Both online and in stores seems like there's a continuous sale everyday. J.Crew has been promoting 25% off everything (or 30% off with a J.Crew card) and these promotions seem to be more frequent these days. Of course I had to stop by J.Crew after work to check it out and boy am I glad I did!
I scored a steal with the jeweled collar sweater shown in the pic above for $28! It retailed for $148 and I drooled over the sweater when it first came out and eventually saw it get marked down to $99 then and today to my surprise, it was $39.99 with 30% off with a J.Crew card! What a steal! I also bought a blue and red striped cardigan with gold buttons for $14 and a gray sweater for $14...I don't know how J.Crew is making any money with these prices. I'm not surprised their profit has slipped but the deals are definitely making me spend more money and I'm getting a lot more for my money. I'm a very happy shopper! Check out your nearest J.Crew too!
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