Jones Group ‘on track’ despite revenue dip
31/10/2013
Wesley Card, Jones Group CEO, said: "Third quarter revenues were in line with our expectations. The domestic retail, international wholesale and international retail segments showed improved operating results, led by the Nine West Outlet and Stuart Weitzman domestic retail businesses and the Jones New York businesses in Canada and Spain.”
The 2013 and the 2012 third quarter results include costs and charges of $12 million and $35 million relating to the closure of company-operated retail stores, business development costs, restructuring and other cost saving initiatives.
John McClain, Jones Group chief financial officer, added: "Our financial position remains strong. Our approach to inventory commitments remains conservative, and we continue to emphasise tight expense control. Our plans to create operational efficiencies, reduce costs within the wholesale channel and improve the performance of our domestic retail business are on track."
Mr Card concluded: "We have received positive reactions from wholesale customers to our enhanced products across our brands that will ship in the fourth quarter of 2013 and spring 2014. We are confident that continued product improvement will translate into improved retail performance and, ultimately, increased profitability."
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