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Jones Group reports increase in revenues

US retail giant Jones Group has recorded a 3.2% increase in revenues for the three months to July 2.

The group, which bought premium footwear retailer Kurt Geiger for £215m in June, saw revenues rise to $887.4m (£542.8m) up from $859.6m (£525.9m) in the same period the previous year.

Jones, which also owns womenswear brand Anne Klein and footwear brands Easy Spirit and Nine West, said that gross margins dipped to 36.4% of sales from 36.9% of sales in the same period a year ago.

With the exception of domestic wholesale footwear and accessories, all divisions of Jones reported an operating profit, with international wholesale and domestic wholesale sportswear both reporting an operating margin of over 10%.

For the six months to July 2, net income attributable to Jones dropped 51.5% to $30m (£18.3m) down from $61.9m (£37.9m). Revenues in the same six-month period were up 5.8% to $1.85bn (£1.13bn) up from $1.75bn (£1.07bn) as gross margin receded to 35.4% of sales down from 36.8% of sales in the first half of 2010.

Jones Group chief executive Wesley Card said: “Cotton and other raw materials for apparel are coming down as we move to spring, and factory capacity is opening up. Those are some of the bright spots moving into the first and second quarter of next year.”

 

 

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