J.Crew Preps for Bigger Profits
NEW YORK ( TheStreet) -- J. Crew (JCG) is steadily rowing along, as its quarterly profit beat Wall Street estimates. Even better, the apparel retailer said third-quarter earnings will likely come in above current forecasts.
Shares of the company received a 2% boost in after-market trading to $33.46.
In the just-ended quarter, the company said it earned $18.6 million, or 29 cents a share, compared with $18.1 million, or 28 cents a share, in the year-ago period. Analysts expected the company to earn 15 cents a share.
Revenue rose 6% to $357.6 million from $336.3 million, but same-store sales slipped 5%.Looking ahead, J.Crew forecast third-quarter earnings in the range of 30 cents to 33 cents, a bit higher than the 30 cents predicted by analysts. -Reported by Jeanine Poggi in New York.
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