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Jones Group sees net income soar in third quarter

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The Jones Group had better-than-expected third-quarter results for fiscal 2013, as net income soared 67% to $28.3 million from $17.8 million. However, revenues in the quarter ended Oct. 5 fell about 1%, to $1.02 billion from $1.03 billion.

The company credited several declines in internal expenses compared to the same period last year as helping drive its strong growth in net income. The cost of goods sold declined 1% to $662.4 million from $670.8 million. Selling, general and administrative expenses dropped 2% to $296.5 million from $301.9 million. Costs and charges were $12 million, two-thirds less than $35 million a year earlier.

"Third quarter revenues were in line with our expectations, with the jeanswear segment again registering the largest improvement in operating results, as those product lines continue to perform well,” said Wesley R. Card, CEO of Jones Group. “The domestic retail, international wholesale and international retail segments also showed improved operating results, led by the Nine West Outlet and Stuart Weitzman domestic retail businesses and the Jones New York businesses in Canada and Spain. Our new and refocused sportswear product offerings for fall are performing significantly better, and we anticipate that trend will continue."

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