Jones Apparel Group on Wednesday reported a net loss of $822.9 million for the fourth quarter — but its shares soared almost 10 percent anyway.
The reason the shares went one way while earnings were headed in the opposite direction? The results beat Wall Street’s expectations and analysts applauded Jones’ strong balance sheet and drive to expand into areas including private label. Because of these factors, president and chief executive officer Wesley Card believes Jones is well positioned despite the recession.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"