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.
Wal-Mart names Asia financial chief
Bentonville, Ark. — A Wednesday report by Bloomberg said that Wal-Mart Stores has named Morten Knudsen as CFO for Asia, as the retailer recasts its leadership roles in the region amidst top-heavy turnover.
Knudsen, who was previously VP for corporate finance in Asia for Danone, takes the financial chief spot for Wal-Mart Asia effective Sept. 1.
Since May, Wal-Mart has lost Japanese chief Toru Noda and three of its top executives in China, including the CFO and COO Roland Lawrence and Rob Cissell, respectively.
Tommy Hilfiger names former Gap Asia Pacific president as its new Asia chief
Amsterdam — The Tommy Hilfiger Group said Wednesday it has named John Ermatinger as CEO of the company’s Asia business, effective Aug. 1.
Ermatinger was previously president of Gap Asia Pacific for two years and president of Gap Japan for three years. Under his leadership, Gap successfully launched the brand in China.
In the newly created position for Tommy Hilfiger, Ermatinger will oversee all business activities in Asia, including the subsidiary Tommy Hilfiger Japan, the joint venture Tommy Hilfiger China, and the various licensed businesses throughout the territory. He will be based in the Hilfiger Hong Kong offices and will report to Fred Gehring, CEO.