Retailer J.Crew Group Inc reported a better than expected 24 percent rise in first quarter profit but lowered its full-year profit estimates, sending its shares lower.
For the first quarter, the company reported that net income was $30.5 million, or 48 cents per share, compared to $24.6 million, or 39 cents per diluted share. Revenue rose 15 percent to $340.6 million.
The results beat analysts' profit expectations by 1 cent per share.
For the 2008 full fiscal year, the company dropped its diluted earnings per share expectations to between $1.70 and $1.75. It had previously predicted earnings of $1.85 to $1.87 .
Shares of J. Crew fell 71 cents, or 1.49 percent to $46.91.
The expectations for fiscal 2008 include flat to low single-digits growth for same-store sales. Same-store sales take into account sales at stores open at least one year.
J. Crew sells apparel, shoes and accessories through its operations at 206 retail stores, its catalog business, website and factory outlet stores.