Crew ‘s women’s business still in a problem and the retailer doesn’t think things will getting better shortly. But the brand’s chairman Mickey Drexler doesn’t think so. He insisted the company women’s business is not broken. “The lion’s share of our women’s issue is isolated to knits and sweaters, which has been an outsize portion of our business,” he said.
The company reported that for the three months ended May 2, they go through a net loss of $462.4 million compares with only $30.1 million loss last year at this time. Total sales decreased 5.2% at J. Crew while Madewell increased 32.6% in the year-ago quarter.
“We are, needless to say, clearly disappointed with the results and the related impairment charge….It is our job, as always, to focus on what we can control in the business,” Drexler said. “We recognize there was work to be done and we’re on it. I’ve been through this before. It’s never fun. It’s hard work. But we’re all committed to getting it right.”
Also, J. Crew will open 21 factory outlet and Men’s wear has also been performing well.
“The women’s fixes, in my mind, are not that complicated, and that’s notwithstanding an overall trend in the women’s challenges of the world,” Drexler said. “But we just feel that we’re going to do this, do it right, fix the goods, and frankly, right now, we have adjusted all our investments for the third quarter and holiday.
‘ As the brand moved toward Luxury products, the style becomes offbeat; at the same time, frequent sales make customers doubt their quality.’ Wall Street Journalist Elizabeth Holmes has some point to show that the brand is struggling.