The retailer’s shares hit all-time low yesterday after UBS said J.Crew was not immune from the economic downturn. We guess even an endorsement from the First Lady-elect can’t save a store in this ailing retail climate. (Sorry, White House / Black Market.)
CNN Money: Shares of J. Crew Group Inc. fell to an all-time low Monday after an analyst said she expects weaker results from the apparel and accessories retailer, and lowered her estimates and price target on the stock.
UBS analyst Roxanne Meyer said in a client note Monday that New York-based J. Crew has proven not to be immune to the weakening economic environment.
The company has “solid” product execution but there have been more promotions during the quarter than planned, Meyer said.
“Although we think product is appealing, we believe J. Crew’s heightened exposure to basic ‘classic’ items and to the New York-metro area will weigh on sales,” Meyer wrote. “Promotional levels have been high in the third quarter, which we see as incremental to current guidance.”
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