Jones Group announces $41m profit in Q3
US footwear and apparel company Jones Group has reported that its third-quarter earnings rose 41% due to stronger sales and margins.
The owner of brands such as Nine West, Jones New York and RachelRoy has been expanding its reach into the luxury sector and internationally, most recently with its acquisition of UK footwear retailer Kurt Geiger.
“Our performance for the third quarter is a reflection of our focus on controlling costs and inventory,” chief executive Wesley R. Card said. “Despite a promotional retail environment, we achieved results that were in line with our expectations.”
Jones Group reported a profit of $41 million, up from $29.1 million a year earlier. Revenue increased 2% to $1.04 billion.
Gross margin rose to 35.7% from 33.5% on the higher sales as costs fell.
