J. Crew swings to loss in Q1

New York City -- J. Crew Group reported Thursday that it lost $29.9 million in the fiscal third quarter, compared to a profit of $44.7 million in the year-ago period.

The apparel retailer said the loss was due to markdowns to clear out excess inventory and charges related to being acquired.

J. Crew went private in March in a $3 billion deal with two private-equity firms.

Revenue dropped 3% to $281.2 million. Same-store sales fell 3%.