Bauer Media remains the UK’s leading consumer magazine publisher by total paid-for copies sold and Retail Sales Value. Commenting on the results Rob Munro-Hall, Group Managing Director, Bauer Magazine Media UK said: “Bauer Media retains its leading position in the highly competitive TV Listings and True Life markets. We’re extremely proud of our performance this period - TV Choice is the only magazine in the UK to sell over 1 million copies a week and Take a Break’s monthly companion magazine has seen an impressive 25% YOY uplift. We’ve also seen continuing success for our Specialist magazines, particularly our gardening titles Garden News and Garden Answers, whilst Practical Photography is the fastest growing monthly magazine in the UK. These standout performances demonstrate how magazines play a critical role in the lives of our readers, creating meaningful connections in a truly trusted environment. Our world class editorial teams are tireless in ensuring that they have a deep understanding of their audiences, both through insight and instinct. This enables us to deliver content that has a strong cultural impact whatever the passion area and brings readers back every week or month.” Click Read More below for additional information.
Third Quarter highlights:
•Total revenues decreased 5% to $566.7 million. Comparable company sales decreased 9% following a decrease of 8% in the third quarter last year.
•J.Crew sales decreased 12% to $430.4 million. J.Crew comparable sales decreased 12% following a decrease of 9% in the third quarter last year.
•Madewell sales increased 22% to $107.5 million. Madewell comparable sales increased 13% following an increase of 4% in the third quarter last year.
•Gross margin increased to 40.1% from 38.1% in the third quarter last year.
•Selling, general and administrative expenses were $200.7 million, or 35.4% of revenues, compared to $204.5 million, or 34.5% of revenues in the third quarter last year. Excluding transformation costs of $12.4 million and transaction costs of $1.0 million (incurred in connection with the Company’s debt exchange and refinancing), selling, general and administrative expenses were $187.3 million, or 33.1% of revenues this year.
•Operating income was $24.7 million compared to $20.0 million in the third quarter last year. The third quarter this year includes transformation costs of $12.4 million and transaction costs of $1.0 million.
•Net loss was $17.6 million compared to $7.9 million in the third quarter last year. The third quarter this year includes the impact of transformation and transaction costs.
•Adjusted EBITDA increased $14.6 million, or 27%, to $67.9 million from $53.3 million in the third quarter last year. An explanation of the manner in which the Company uses adjusted EBITDA and a reconciliation to comparable GAAP measures are included in Exhibit (3).
Jim Brett, Chief Executive Officer, remarked, “Our goal is to reinvigorate the J.Crew Brand to reflect the America of today and to continue to drive strong momentum in the Madewell Brand.”
“During the third quarter of fiscal 2017, we drove gross margin expansion and reduced SG&A by delivering on our expense initiatives. As we solidify longer term strategies, we will continue to leverage our strong brand equity and unique capabilities to expand our reach, accelerate growth and maximize profitability.”
more detail at: https://www.prnewswire.com/news-releases/jcrew-group-inc-announces-third-quarter-fiscal-2017-results-300560491.html?tc=eml_cleartime