1. J.Crew is 'Rearranging Deck Chairs on the Titanic' as Sales Plummet

    J.Crew is 'Rearranging Deck Chairs on the Titanic' as Sales Plummet

    J.Crew's decline is accelerating.

    The company said Monday that sales dropped 6.3% in the most recent quarter, fueled by a 12% decline in same-store sales.

    At the same time, operating losses widened to $153 million from a little over $7 million last year...

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    1. We believe the company is in a parlous state.
    2. Issues like poor value perception linger.
    3. While we are disappointed with our first quarter earnings, we are optimistic regarding the work we have underway to improve our business. We have a clear vision and action plan in place to meet our customers' needs — wherever and however they choose to shop.
    4. We gave a perception of being a higher-priced company than we were — in our catalog, online, and in our general presentation.
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