The Jones Group Earnings: Here’s Why Shares are Up Now
The Jones Group (NYSE:JNY) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 1.67%.
The Jones Group Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 90.91% to $0.02 in the quarter versus EPS of $0.22 in the year-earlier quarter.
Revenue: Decreased 1.08% to $845.6 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: The Jones Group reported adjusted EPS income of $0.02 per share. By that measure, the company beat the mean analyst estimate of $-0.12. It beat the average revenue estimate of $832.06 million.
Quoting Management: Wesley R. Card, The Jones Group Chief Executive Officer, stated: “Second quarter revenues were in line with our expectations, with the Jeanswear segment registering the largest improvement in operating results, as those product lines continue to perform well. The International Wholesale segment also showed improved operating results, led by the Nine West and Stuart Weitzman international businesses. For other areas of the business, the weather impacted seasonal product sales, which generated higher promotional levels. As a result, second quarter gross margins were approximately 260 basis points below last year. We anticipate we will achieve improved performance in fall 2013 with our new and refocused sportswear product offerings.”
Key Stats (on next page)…