News

Jones Apparel Swings to 2Q Profit

BY CSA STAFF

New York City Jones Apparel Group Inc. said Wednesday it swung to a better-than-expected profit in its second quarter due to exiting several sportswear lines and recording far lower costs associated with selling Barneys New York.

For the quarter ended July 5, the company reported net income of $10.6 million, compared with a loss of $47.1 million in the prior-year quarter.

Revenue fell 8% to $829.4 million from $903.9 million in the second quarter of 2007, mainly because the company no longer sells certain sportswear lines.

In the 2008 quarter, the company’s cost of goods sold fell 11%, helping to boost profit.

Jones Apparel said same-store sales were flat. Same-store sales rose 5.8% in the company’s footwear stores.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

Polls

Are you hiring seasonal employees this year?

View Results

Loading ... Loading ...
News

Best Buy to expand instrument offerings

BY CSA STAFF

MINNEAPOLIS Best Buy confirmed reports that it will begin offering musical instruments and musical recording equipment at an additional 75-85 Best Buy stores across the U.S. and online at www.BestBuy.com. The diverse musical instrument and recording line-up will include more than 1,000 guitars, bass, drums, keyboards and recording equipment, as well as other musical instruments and accessories, all available at entry level and professional price points.

The introduction of musical instruments is a natural progression for Best Buy, explained Steve Hehir, senior vp of musical instruments for Best Buy. Consumers have always looked to us as a resource for music in a variety of formats. Now theyll be able to rely on us for help with musical performance and creating too. 

Seven Best Buy stores in Southern California and Minneapolis participated in a successful pilot of the musical instruments store-within-a-store concept that launched earlier this year. The program recently expanded to Chicago and Washington, bringing the current musical instrument store count to ten. The rollout to 75-85 Best Buy stores is expected to continue through late December. For consumers who are unable to visit a store location or who prefer shopping online, BestBuy.com will offer an expanded musical instrument assortment beginning Aug. 1.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

Polls

Are you hiring seasonal employees this year?

View Results

Loading ... Loading ...
News

Report: Court reverses ruling on Whole Foods, Wild Oats deal

BY CSA STAFF

WASHINGTON According to reports, a U.S. appeals court has reversed a lower court decision last year that enabled Whole Foods Market to buy Wild Oats Markets, despite the objections of the Federal Trade Commission.

The U.S. Court of Appeals for the District of Columbia reportedly said that U.S. District Judge Paul Friedman wrongfully turned down the FTC’s request for an injunction to block the deal, saying he “underestimated the FTC’s likelihood of success on the merits.”

Judge Friedman had denied the FTC’s request on the grounds that it did not prove that the merger between the two companies would hurt competition.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

Polls

Are you hiring seasonal employees this year?

View Results

Loading ... Loading ...