Catalog retailer J. Crew Group Inc. doubled its first-quarter net income as revenue soared nearly 20 percent and raised its guidance for the year above estimates.
The clothing retailer said Thursday it earned $44.7 million, or 68 cents per share, in the three months that ended May 1. In the same period last year the company earned $20.4 million, or 32 cents per share.
The latest results beat a 57-cents-per-share prediction of analysts polled by Thomson Reuters.
Revenue rose 19.7 percent in the quarter to $413.9 million from $345.8 million. Analysts had expected $394.2 million.
Revenue at stores open at least a year rose 15 percent during the quarter. The metric is a key measure of retailer performance because it is not skewed by new store openings and closings.
The retailer of preppy clothing raised its guidance for the year, saying it now expects to earn between $2.35 to $2.45 a share, up from previous guidance of between $2.20 and $2.30.
Analysts expect earnings per share of $2.34 for the year on revenue of $1.73 billion.
J. Crew also offered initial second quarter guidance of earnings per share to range from 40 to 45 cents. Analysts expect earnings per share of 44 cents, according to Thomson.
J. Crew shares rose $1.73 to close at $43.86 on Thursday.
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