coloradotransplant
18 years ago
J.Crew Group, Inc. Announces Closing of its Initial Public Offering, Redemption of All Outstanding Preferring Stock and Conversion of 5.0% Notes Payable into Common Stock
NEW YORK, July 3 /PRNewswire/ -- J.Crew Group, Inc. (the 'Company') today announced the closing of its initial public offering of 21,620,000 shares of common stock. The number of shares issued includes 2,820,000 purchased by the underwriters to cover over-allotments. The Company intends to use a substantial portion of the net proceeds from the sale of the over-allotment shares to reduce borrowings under its new term loan, and any remaining net proceeds for general corporate purposes. The shares are listed on the New York Stock Exchange and trade under the symbol 'JCG'.
The Company also today announced that it has called for redemption all $92.8 million liquidation value of its Series A 14-1/2% Cumulative Preferred Stock and all $32.5 million liquidation value of its Series B 14-1/2% Cumulative Redeemable Preferred Stock at 100% of liquidation value. Payment of the redemption amounts and accumulated and unpaid dividends of $306.4 million will be made on July 13, 2006. The Company has issued notices describing the redemption procedures to holders of the Preferred Stock. Copies of the notices are also available from American Stock Transfer & Trust Company, the Company's transfer agent, at (877) 248-6417 (toll free) or (718) 921-8317 or by e-mail at info@amstock.com.
In addition, the Company announced that TPG-MD Investment, LLC, a company owned by Texas Pacific Group, the Company's largest shareholder, and Millard Drexler, the chief executive officer of the Company and chairman of its board of directors, today converted the $23,629,000 million 5.0% Notes Payable due 2008 of the Company's wholly-owned subsidiary J. Crew Operating Corp. into 6,729,186 shares of common stock of the Company pursuant to a prior agreement.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
J.Crew Group, Inc. is a fully integrated multi-channel specialty retailer of women's and men's apparel and accessories. J.Crew products are distributed through the Company's 166 retail and 49 factory stores, the J.Crew catalog, and the Company's Internet website at http://www.jcrew.com.
Certain statements herein are 'forward-looking statements'. Such forward- looking statements reflect the Company's current expectations or beliefs concerning future events and actual results of operations may differ materially from historical results or current expectations. Any such forward- looking statements are subject to various risks and uncertainties, including competitive pressures in the apparel industry, changes in levels of consumer spending or preferences in apparel and acceptance by customers of the Company's products, overall economic conditions, changes in key personnel, the Company's ability to expand its store base and product offerings, governmental regulations and trade restrictions, acts of war or terrorism in the United States or worldwide, political or financial instability in the countries where the Company's goods are manufactured, postal rate increases, paper and printing costs, availability of suitable store locations at appropriate terms, the level of the Company's indebtedness and exposure to interest rate fluctuations, and other factors which are set forth in the Company's Form 10-K and in all filings with the SEC made by the Company subsequent to the filing of the Form 10-K. The Company does not undertake to publicly update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE J.Crew Group, Inc.
coloradotransplant
18 years ago
PROSPECTUS SUMMARY
This summary highlights selected information contained elsewhere in this prospectus. It does not contain all of the information that may be important to you. You should read the following summary together with the more detailed information regarding our company, the common stock offered and our consolidated financial statements, including the notes to those statements, appearing elsewhere in this prospectus. Except as the context otherwise requires, all references in this prospectus to “J.Crew,” “we,” “us,” “our” and similar terms refer to J.Crew Group, Inc. together with our consolidated subsidiaries. Our fiscal year ends on the Saturday closest to January 31. The fiscal years 2001, 2002, 2003, 2004 and 2005 ended on February 2, 2002, February 1, 2003, January 31, 2004, January 29, 2005 and January 28, 2006, respectively, and consisted of 52 weeks each.
Our Company
J.Crew is a nationally recognized apparel and accessories brand that we believe embraces a high standard of style, craftsmanship, quality and customer service, while projecting an aspirational American lifestyle. We are a fully integrated multi-channel specialty retailer. We seek to consistently communicate our vision of J.Crew through every aspect of our business, including through the imagery in our catalogs and on our Internet website and the inviting atmosphere of our stores. In fiscal 2005, our revenues were $953.2 million, which represents an 18.5% increase over fiscal 2004. Growth in our comparable store sales for this period was 13.4%. In the first quarter of fiscal 2006, our revenues were $240.7 million, which represents a 14.3% increase over the first quarter of fiscal 2005. Growth in our comparable store sales for this period was 11.6%. Our net income for fiscal 2005 was $3.8 million compared to a loss of $100.3 million for fiscal 2004. The net loss in fiscal 2004 included a significant loss on the refinancing of debt in our fourth fiscal quarter, excluding which our net loss would have been $50.5 million in fiscal 2004. Our net income for the first quarter of fiscal 2006 was $7.8 million, compared to $4.9 million for the first quarter of fiscal 2005.
We focus on creating product lines featuring the high quality design, fabrics and craftsmanship as well as consistent fits and detailing that our customers expect of J.Crew. We offer complete assortments of women’s and men’s apparel and accessories, including business attire, weekend clothes, swimwear, loungewear, outerwear, wedding and special occasion attire, shoes, bags, belts and jewelry.
J.Crew products are distributed through our retail and factory stores, our J.Crew catalog and our Internet website located at www.jcrew.com. As of June 2, 2006 we operated 164 retail stores and 45 factory stores throughout the United States. In fiscal 2005, we distributed 20 catalog editions with a circulation of approximately 55 million copies and our website logged over 64 million visits, representing a 33% increase over fiscal 2004.
coloradotransplant
18 years ago
I think JCG will see solid gains.
My friends wife works for them as a regional manager, has met the CEO and loves working for this company.
Here's a little info:
For the fiscal 2005 period, J. Crew posted net income of $3.8 million compared with a loss of $100.3 million in the year-ago period. Revenue rose 18.5 percent to $953.2 million.
In its first quarter, ended April 29, J. Crew reported a 60 percent profit increase as sales showed double-digit gains. Business at stores open at least a year, known as same-store sales, rose 12 percent in the first quarter, compared to a 37 percent increase a year earlier. Same-store sales are considered a key measure of a retailer's health.
J. Crew -- which sells its clothes through its 164 retail stores, 45 factory stores, catalogs and its Web site-- plans to grow at a cautious pace. It is set to add between 15 and 30 stores this year, and thereafter open between 25 and 35 annually, according to a recent Securities and Exchange Commission filing.
In May, J.Crew also announced it was developing a new chain of casual women's clothing stores called Madewell, which will focus on key fashion basics like chinos. That follows the launch of a wedding collection in 2004 and the unveiling of "crewcuts," a children's collection this year.
lady*b
18 years ago
JMO, this will be a solid play in the long run. As for it's debut - may get a good pop day one, but I need to see how it closes tomorrow to get a feel for the rest of the week....
J.Crew prices IPO at $20, well above proposed range
6/27/2006
J.Crew, the well-known retailer that offers branded apparel and accessories via 166 retail and 45 factory stores nationwide, priced its highly anticipated 18.8 million share offering at $20, a 25% premium to the midpoint of its proposed $15 to $17 range, on Tuesday night. Goldman Sachs and Bear Stearns were the joint book runners on the deal. The stock is expected to begin trading on the NYSE under the ticker JCG on Wednesday.
View IPO Profile: JCG
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