J. Crew Group’s fiscal first-quarter earnings more than doubled as the retailer benefited from decreased markdowns and promotional selling. The retailer’s results beat its previous estimate and it also raised its guidance for the full year to earnings of $2.35 to $2.45 a share, compared with its previous view of $2.20 to $2.30. Analysts were projecting $2.34 a share.
J. Crew, a favorite of First Lady Michelle Obama, has benefited from leaner inventories and limited markdowns and has had a streak of beating Street estimates.