Jones Group Q2 net income falls on acquisition expense, beats Street
New York City -- The Jones Group reported Wednesday that second-quarter earnings dropped almost 80% to $5.2 million, compared with $25.7 million in the year-ago period. The retailer and manufacturer, whose brands include Nine West and Anne Klein, cited expenses related to the acquisition of U.K. luxury footwear retailer Kurt Geiger for the poor earnings performance but results still exceeded Wall Street estimates.
Revenue for the quarter increased 3% to $887.4 million, just edging analysts’ expected $887.2 million.
Jones Group CEO Wesley Card said the company is focused on inventory planning and controlling costs in the second half of the year. “Our operating trends in the core businesses continue to improve as a result of our focus on brand management, inventory planning and controlling costs and expenses,” he said in a statement.