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, including the addition of Stefani Greenfield, as chief creative officer, will advance the reinvigoration of our core brands."