J.Crew Store Closures 2019: Everything You Need To Know

Adding to the growing list of retailers shuttering stores, J.Crew Group said during its earnings call on Wednesday that it will close about 20 J.Crew and factory stores this year.

The new store closures add to the 34 stores that J.Crew closed in 2018. The company has not announced which of its stores will be closing but did say it is focused on growing its Madewell brand.

J.Crew has been considering spinning Madewell into its own publicly-traded company, opening 10 Madewell stores and one J.Crew location in the first quarter of 2019, Yahoo reported.

J.Crew reported a total revenue increase for fiscal Q1 2019, up 7 percent to $578.5 million. Sales for the company decreased by 4 percent to $376.1 million. But the Madewell brand’s sales increased 15 percent to $132.9 million.

Operating income was $22.1 million with an operating loss of $0.9 million for the first quarter of 2019. Net loss was $16.2 million compared to $33.9 million in the first quarter of last year.

"We are encouraged by the meaningful progress we have made in the first quarter, reporting a 31% increase in adjusted EBITDA driven by continued momentum at Madewell and the early impact of our swift actions to improve profitability at J.Crew,” Michael J. Nicholson, interim CEO at J.Crew said.

“As we look ahead, we are optimistic about our plans to reignite the J.Crew Brand with new designs, assortments and brand expressions, and remain steadfast in our commitment towards achieving Madewell's long-term growth potential as a leading global brand."