A number of J Crew stores closing by the end of January 2018 won’t make for happy holidays with those employees.
During its earnings report for its fiscal third quarter of 2017, J Crew announced that it is planning to close down 39 stores during its fiscal fourth quarter of the year. This will have it closing a total of 50 stores by the end of January 2018.
The new bit of news concerning the J Crew stores closing list means that the company will be reducing its total store count for 2017. At the start of the year, the retail company had 575 stores open. When 2017 comes to an end the chain will only have 535 stores open.
The J Crew stores closing news comes along with a poor third quarter for the retail company. This includes revenue for the period dropping 5% to $566.70 million. Comparable store sales for the quarter were also down 9%, which follows an 8% decline from the same time last year.
The company notes that the third quarter was particularly bad at its J Crew locations. This division saw sales in the quarter drop by 12% to $430.40 million. Comparable store sales were also down 12% after a 9% decrease in the third quarter of 2016.
J Crew also operates the Madewell brand of women’s clothing stores. This segment of its business actually performed well in the third quarter with revenue increasing 22% to $107.50 million. Its comparable stores sales for the third quarter of the year were also up 13% following a 4% increase during the same time last year.
As of this writing, William White did not hold a position in any of the aforementioned securities.