J Crew cuts 2010 outlook, shares plunge

U.S. clothing retailer J Crew Group Inc (JCG.N) posted earnings outlooks for the third quarter and full year that were below expectations, citing "nervous" shoppers and promotions by competitors, and its shares tumbled 7 percent.

Although J Crew reported robust quarterly profit and sales growth for the second quarter on Thursday, it lowered its forecast for the full year because of uncertainty about the economy.

J Crew forecast 2010 earnings of $2.25 to $2.35 per share, a range below Wall Street's target of $2.46. J Crew's previous 2010 profit outlook was $2.35 to $2.45.

Read Full Article from Reuters

- Posted: 2010-08-26 21:46:34

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