J Crew cashing in on First Lady's look

New York, May 31: 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, May 29, a day after the trendy apparel retailer posted profits that topped Wall Street expectations.

Since last spring, J. Crew, for the first time, 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