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J. Crew ups outlook on solid sales

By
James Covert
Published Oct. 22, 2009, 3:39 p.m. ET

J. Crew boosted its outlook for the second half of 2009, saying strong demand for its fashions that has kept sales and margins solid.

The preppy clothing retailer’s shares — which have more than quadrupled since March — soared 12 percent in Thursday morning trades. They were recently at $42.17, up $4.43.

J. Crew CEO Mickey Drexler, the legendary merchant who had built the Gap in the 1990s, is keeping J. Crew’s fashions on target, analysts said. While luxury sales are still slumping, wealthy shoppers are snatching up J. Crew’s more affordable styles.

Still, UBS analyst Roxanne Meyer said all the excitement has made J. Crew’s shares a little rich. “Given the recent run-up in the stock, we will be looking for a more attractive entry point,” Meyer said.

J. Crew expects earnings of 54 cents to 59 cents in the third quarter, which began on Aug. 2, up from its prior forecast of 30 cents to 33 cents per share. It said that range reflects a high single-digit increase in sales at stores open at least a year, which was better than the mid-single-digit decline it was expecting.

For the fourth quarter, J. Crew expects same-store sales to increase at a mid-to-high single-digit rate. It had earlier forecast a low single digit increase.