J. Crew cashing in on Michelle Obama’s lookMay 31st, 2009 - 3:59 pm ICT by ANI
New York, May 31 (ANI): J. Crew is gaining momentum in Wall Street, courtesy Michelle Obama, who is often seen decked out in the clothing chain’s designs.
The First Lady’s liking for the clothing retailer has helped pump up investors, who drove the stock up more than 26 percent, or 5.40 dollars, to 25.86 dollars on Friday, a day after the trendy apparel retailer posted profits that topped Wall Street expectations.
The company also predicts an unexpected profit for the current quarter.
Since last spring, J. Crew, for the first time, also posted a rise in sales at stores open at least a year, a key measure of retail performance closely watched by Wall Street.
“While we don’t have a crystal ball, it certainly feels better than it did in the fourth quarter,” the New York Daily News quoted CEO Mickey Drexler, as saying.(ANI)
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