J Crew (JCG) 8-K J. Crew Group, Inc. Announces First Quarter Fiscal 2009 Results

Exhibit 99.1

Company Contact:

James S. Scully

Chief Administrative Officer

and Chief Financial Officer

(212) 209-8040

Investor Contact:

Allison Malkin/Chad Jacobs/Joe Teklits ICR, Inc.

(203) 682-8200

J. CREW GROUP, INC. ANNOUNCES FIRST QUARTER FISCAL 2009 RESULTS

First Quarter Revenues of $345.8 million

First Quarter Diluted Earnings Per Share of $0.32

New York, NY – May 28, 2009 – J. Crew Group, Inc. [NYSE:JCG] today announced financial results for the three months ended May 2, 2009 (first quarter fiscal 2009).

First quarter highlights:

• Revenues increased 2% to $345.8 million. Store sales (Retail and Factory) increased 5% to $240.7 million, with comparable store sales decreasing 5%. Comparable store sales increased 2% in the first quarter of fiscal 2008. Direct sales (Internet and Phone) decreased by 6% to $95.4 million. Direct sales increased 17% to $100.9 million in the first quarter of fiscal 2008.

• Gross margin decreased to 42.2% of revenues from 46.9% of revenues in the first quarter of fiscal 2008. The decrease in gross margin is primarily related to increased markdowns as a result of beginning of quarter inventory levels.

• Operating income decreased 34% to $35.3 million, or 10.2% of revenues, compared to $53.0 million, or 15.6% of revenues, in the first quarter of fiscal 2008. Operating income in the first quarter of fiscal 2009 includes a charge of $1.3 million for severance and related costs associated with our workforce reduction announced in February 2009 and non-cash asset impairment charges of $1.0 million related to underperforming stores.

• Net income was $20.4 million, or $0.32 per diluted share and includes the impact of severance and asset impairment charges of approximately $0.02. Net income was $30.5 million, or $0.48 per diluted share, in the first quarter of fiscal 2008.

Millard Drexler, J. Crew’s Chairman and CEO stated: “We are relatively pleased with our first quarter results and while earnings were lower than last year, we did experience an improved trend in our business. We think it is clear that there is no choice in this environment than to continue to be creative and figure out where the customer is going, not to respond to where he or she has been.”

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Balance Sheet highlights as of May 2, 2009

• Cash and cash equivalents were $154.6 million at the end of the first quarter compared to $121.5 million at the end of the first quarter in the prior year.

• Inventories at the end of the quarter were $193.9 million, reflecting the impact of 43 net stores opened since the first quarter of fiscal 2008. Inventory per square foot was flat to last year at the end of the first quarter of fiscal 2008.

Guidance

The Company currently expects second quarter fiscal 2009 diluted earnings per share in the range of $0.08 to $0.12.

Conference Call Information

A conference call to discuss first quarter results is scheduled for today, May 28, 2009, at 4:30 PM Eastern Time. Investors and analysts interested in participating in the call are invited to dial (877) 407-0784 approximately ten minutes prior to the start of the call. The conference call will also be webcast live atwww.jcrew.com. A replay of this call will be available until June 4, 2009 and can be accessed by dialing (877) 660-6853 and entering account number 3055 and conference ID number 323565.

About J. Crew Group, Inc.

J. Crew Group, Inc. is a nationally recognized multi-channel retailer of women’s, men’s and children’s apparel, shoes and accessories. As of May 28, 2009, the Company operates 238 retail stores (including 8 crewcuts and 14 Madewell stores), the J. Crew catalog business, jcrew.com, and 76 factory outlet stores. Additionally, certain product, press release and SEC filing information concerning the Company is available at the Company’s websitewww.jcrew.com.

Forward-Looking Statements:

Certain statements herein are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect the Company’s current expectations or beliefs concerning future events and actual results of operations may differ materially from historical results or current expectations. Any such forward-looking statements are subject to various risks and uncertainties, including the strength of the economy, changes in the overall level of consumer spending or preferences in apparel, our ability to compete with other retailers, the performance of the Company’s products within the prevailing retail environment, our strategy and expansion plans, reliance on key personnel, trade restrictions, political or financial instability in countries where the Company’s goods are manufactured, postal rate increases, paper and printing costs, availability of suitable store locations at appropriate terms and other factors which are set forth in the Company’s Form 10-K and in all filings with the SEC made by the Company subsequent to the filing of the Form 10-K. The Company does not undertake to publicly update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.

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Exhibit (1)

J. Crew Group, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(In thousands, except percentages and per share data)	Three Months Ended May 2, 2009			Three Months Ended May 3, 2008
Net sales
Stores	$	240,726		$	229,109
Direct		95,360			100,934
		336,086			330,043
Other		9,684			10,536
Total Revenues		345,770			340,579
Costs of goods sold, buying and occupancy costs		199,833			180,692
Gross Profit		145,937			159,887
As a percent of revenues		42.2	%		46.9	%
Selling, general and administrative expenses		110,669			106,841
As a percent of revenues		32.0	%		31.4	%
Operating income		35,268			53,046
As a percent of revenues		10.2	%		15.6	%
Interest expense, net		1,077			2,370
Income before income taxes		34,191			50,676
Provision for income taxes		13,746			20,175
Net income	$	20,445		$	30,501
Income per share:
Basic	$	0.33		$	0.50
Diluted	$	0.32		$	0.48
Weighted average shares outstanding:
Basic		62,130			61,192
Diluted		63,319			64,076

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Exhibit (2)

J. Crew Group, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(In thousands)	May 2, 2009		January 31, 2009		May 3, 2008
Assets
Current assets:
Cash and cash equivalents	$	154,578	$	146,430	$	121,532
Inventories		193,923		187,044		174,493
Prepaid expenses and other current assets		30,746		34,926		32,850
Prepaid & refundable income taxes		9,892		23,116		8,600
Total current assets		389,139		391,516		337,475
Property and equipment, net		205,683		201,675		174,438
Other assets		20,161		20,618		33,299
Total assets	$	614,983	$	613,809	$	545,212
Liabilities and Stockholders’ equity
Current liabilities:
Accounts payable	$	97,503	$	119,719	$	95,657
Other current liabilities		83,871		83,889		77,816
Current portion of long-term debt		1,100		800		—
Income taxes payable		—		—		6,669
Deferred income taxes, net		4,049		4,049		—
Total current liabilities		186,523		208,457		180,142
Long-term debt		98,900		99,200		100,000
Deferred credits		73,825		73,815		68,388
Other liabilities		7,361		7,388		7,715
Stockholders’ equity		248,374		224,949		188,967
Total liabilities and stockholders’ equity	$	614,983	$	613,809	$	545,212

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Exhibit (3)

Actual and Projected Store Count and Square Footage

Fiscal 2009

Quarter	Total stores open at beginning of the quarter	Number of stores opened during the quarter	Number of stores closed during the quarter	Total stores open at end of the quarter
1st Quarter (Actual)	300	12	2	310
2nd Quarter (Projected)	310	7	0	317
3rd Quarter (Projected)	317	4	0	321
4th Quarter (Projected)	321	1	0	322

Fiscal 2009

Quarter	Total gross square feet at beginning of the quarter	Gross square feet for stores opened or expanded during the quarter	Reduction of gross square feet for stores closed or downsized during the quarter		Total gross square feet at end of the quarter
1st Quarter (Actual)	1,864,133	52,185	(8,258	)	1,908,060
2nd Quarter (Projected)	1,908,060	29,992	0		1,938,052
3rd Quarter (Projected)	1,938,052	18,064	0		1,956,116
4th Quarter (Projected)	1,956,116	4,512	0		1,960,628

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