Specialty apparel retailer
J. Crew Group
posted a bigger-than-expected third-quarter profit Tuesday and boosted its earnings outlook for the full year.
The company's net income surged to $26 million from $3 million a year earlier. Earnings per share were 40 cents, compared with a year-earlier per-share loss of 1 cent, which included the effect of preferred stock dividends.
Adjusted earnings for the latest quarter were 27 cents a share, beating Thomson First Call's mean estimate by 6 cents. Earnings on that basis make an adjustment related to the company's tax rate.
Total revenue rose to $275.6 million from $223.4 million, exceeding Wall Street's estimate of $264 million. Same-store sales at the company's retail and factory sales jumped 19%.
"Our results were driven by better than expected sales gains across each of our channels, demonstrating solid execution and the strength of the J. Crew brand," said Chairman and CEO Millard Drexler in a statement.
For the full year, J. Crew now anticipates earnings of 95 cents to 97 cents a share, up from an earlier view of 86 cents to 88 cents. Analysts, on average, target full-year earnings of 89 cents a share.
Shares of J. Crew recently were up 65 cents, or 1.8%, to $36 in after-hours trading. The stock is up nearly 80% since its June initial public offering.