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American retailer J.Crew Group sales plunge in Q3

RBR Staff Writer Published 12 November 2012

US-based multi-channel retailer J.Crew Group has posted a 26.6% decrease in total sales to $2.93bn in the third quarter (Q3) of fiscal 2012.

Comparable store sales decreased 26.1% for the reporting quarter while internet sales through jcp.com declined 37.3% to $214m.

Total operating expenses declined to $1.11bn when compared to $1.66bn due to lower selling, general and administrative as well as decreased restructuring and management transition expenses.

Gross margin declined 32.5% from 37.4%, hurt by lower than expected sales and a higher level of clearance merchandise sales.

During the quarter, the company opened shops under the Levi's, Izod, Liz Claiborne, The Original Arizona Jean, and jcp brands.

The retailer also opened 38 Sephora inside jcpenney stores, bringing their total to 386.

J.Crew Group, currently, operates 1,100 stores across the US.