J.Crew Feels the Pain of Lower-Priced Competition

After several seasons of rampant growth, J.Crew posted a decline this quarter, WWD reports. Net income went down 4.5 percent 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."