J.Crew Group Inc. reported a 6.2% decline in net sales for its direct division for the fourth quarter ended February 1, and a 4% decline for the 2002 fiscal year.
The New York-based retailer also reported a 7.5% decline in comparable store sales for the fourth quarter. Revenues for the period were $241.8 million, compared to $246.7 million last year. Net loss was $11.7 million, versus net income of $6.7 million in the comparable period in 2001.
Revenues for the 52 weeks ended February 1 were $766.4 million versus $777.9 million in fiscal 2001. Comparable store sales declined 10.4%. Net loss was $31.6 million versus a net loss of $11.0 million in 2001.
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