J. Crew Brings in New CIO Amidst Declining Sales
J.Crew has hired Michelle Garvey as Chief Information Officer. Garvey was formerly the SVP and CIO of apparel company Ann Inc., which houses the brands Ann Taylor and LOFT. The move comes after the company hired Michael J. Nicholson as its President, COO and CFO from Ann Inc. in January.
J.Crew sales decreased 3% to $604.5 million in its fourth quarter of fiscal year 2015 and comparable sales decreased 5% following a decrease of 5% in the fourth quarter last year. However, its Madewell brand's sales increased 26% to $92.5 million.
"We believe we are better positioned having made important changes in our product and marketing and through the careful management of expenses and inventory," said Mickey Drexler, Chairman and CEO. "Looking ahead, our team is focused on delivering further improvements in the business by executing on our strategic initiatives to deliver long term, sustained growth for our brands."
J.Crew sales decreased 3% to $604.5 million in its fourth quarter of fiscal year 2015 and comparable sales decreased 5% following a decrease of 5% in the fourth quarter last year. However, its Madewell brand's sales increased 26% to $92.5 million.
"We believe we are better positioned having made important changes in our product and marketing and through the careful management of expenses and inventory," said Mickey Drexler, Chairman and CEO. "Looking ahead, our team is focused on delivering further improvements in the business by executing on our strategic initiatives to deliver long term, sustained growth for our brands."