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J.Crew's Libby Wadle
After several seasons of rampant growth, J.Crew posted a decline this quarter, WWD reports. Net income went down 4.5% to $29.3 million this spring.
Libby Wadle, newly promoted president of the J. Crew brand, says times were tough this spring. "It was a tough macroeconomic environment out there. We had to change how we planned to do business. It was about navigating through the environment in the healthiest way we could."
Wadle also said the retailer is feeling the heat from other brands selling J.Crew stapels at cheaper prices. "Frankly, a lot of competition on some of our franchise items at lower prices," was a part of the problem this season, she said. We're looking at you, $22 Forever21 chambray shirt.
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