Three Members of J. Crew Group Board Resign

Preppy fashion retailer J. Crew Group Inc., which went public on June 28, said Friday that three of its directors — including its co-founder — are leaving the company's board.

Emily Scott and Thomas Scott are resigning for personal reasons, effective Dec. 2. Emily Scott helped start the company in 1983 and has served on the board since 1992, while her husband, Thomas Scott, has been a director since 2002.

Bridget Ryan Berman, a director since August 2005, is leaving the board to become chief executive of the U.S. subsidiary of Giorgio Armani SpA, effective Dec. 26.

The board now totals eight members.

"Emily's contributions to J. Crew have been countless from the day the company started in 1983," said Millard Drexler, who revitalized the once-tired brand since joining the company in 2003 as chairman and CEO.

In August, J. Crew reported a wider loss from a year ago, weighed down by charges in its first quarterly financial filing since going public in June.

The company reported a loss of $2.76 million, or 8 cents per share, after paying preferred dividends to stockholders in its fiscal second quarter. That compares with a loss of $1.63 million, or 7 cents per share, in the year-ago period.

The company reported revenue of $269.2 million, a 17 percent increase from $229.4 million a year ago. Sales at stores opened at least a year, known as same-store sales, rose 16 percent.

Excluding $10 million in costs associated with the refinancing of debt, J. Crew would have reported a profit of $13.3 million, or 21 cents per share. That beat expectations of analysts surveyed by Thomson Financial, who on that basis had expected 17 cents per share on sales of $265 million.