Jones Group narrows loss
New York City -- The Jones Group reported a net loss of $21.1 million in the quarter ended Dec. 31, compared with $40.1 million a year earlier.
Fourth-quarter revenue totaled $893.6 million, which was in line with analysts' expectations but lower than the company's earlier forecast.
Wesley R. Card, CEO, stated: "Fourth quarter revenues were lower than expected due to the highly promotional retail environment and a slowdown in replenishment orders. Our gross margins were much improved due to the inclusion of the Kurt Geiger business and an improvement in our core businesses, which generated a modest improvement in operating income."
Looking ahead, Card said the company was committed to driving profitability and would continue to operate efficiently, control costs and execute at a high level.
“At the same time, we are concentrating our efforts on the areas we believe offer the greatest opportunity for revenue growth – upscale and contemporary brands, international and our traditional core brands,” he said. “We believe our new brand management approach and creative design talents,