Jones Group swings to loss on charges in Q1

New York -- Jones Group Inc. reported Wednesday that it swung to a first-quarter loss of $1.2 million, compared with a profit of $25.7 million in the year-ago period. Costs of closing stores, paying severance, acquisitions and a strategic review impacted the results, which still surpassed analysts’ expectations.

Revenue for the manufacturer and retailer of brands such as Nine West, Jones New York and Stuart Weitzman slipped 2.6% to $936 million in the quarter ended March 31, missing Wall Street’s expected $937.3 million in revenue.

“The warmer weather during the quarter, coupled with an early Easter holiday, resulted in stronger sales in all retail channels during the period than expected,” said CEO Wesley R. Card.

He added that the company remains focused on revitalizing core brands, investing in emerging brands and expanding the international footprint.
 

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