US: Jones Apparel nearly doubles Q2 profit
- Q2 revenues up 7% to US$860m
- Net income $25.8m, versus $13.1m
- Impacted by costs and charges
Jones Apparel Group nearly doubled its second quarter profit, thanks to a 7% revenue rise and despite charges of $22m linked to acquisitions and restructuring.
“Operating margins were much improved and increased in three of the segments compared with the prior year’s quarter,” said Wesley Card, company CEO.
“Results in Better Apparel and Footwear and Accessories were particularly notable, reflective of sound execution and aggressive inventory management, as well as strong sell-throughs.
“Jeanswear also continued to perform well and our vertical retail operations results improved, as we remain on track with our retail improvement plan.”
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