US: Jones Q2 profit dips on acquisition costs
- Q2 profit US$5.2m, versus $25.7m
- Revenues up 3.3% to $888m
- CEO hails domestic and international growth
Apparel and footwear company The Jones Group recorded a large-scale fall in second quarter profit, impacted by the cost of recent acquisitions.
Revenues were up 3.3% in the three months to 2 July, but the cost of buying companies including Stuart Weitzman and the recent purchase of UK-based Kurt Geiger eroded profitability.
Nonetheless, company CEO Wesley Card said he was pleased with the results. “Since we completed the acquisition of Stuart Weitzman a year ago, the brand has performed exceptionally well and experienced strong growth, both domestically and internationally,” he added.
“We also continue to optimise our portfolios’ existing and new brands, and with the acquisition of Kurt Geiger, we are further expanding our reach into the luxury sector and internationally.”
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