J. Crew Group Posts Drop In Q2 Profit

J. Crew Group reported a 38% drop in its second-quarter profit. J. Crew posted a quarterly profit of $10.8 million, versus a year-ago profit of $17.5 million. Its revenue surged 12% to $627.2 million. The retailer's same-store sales increased 4% in the quarter. J. Crew opened 2 stores in Hong Kong in May.