NEW YORK — Shares of The Jones Group Inc. climbed 3.3 percent Wednesday after the apparel giant reported better-than-expected second-quarter profits driven by improved gross margins and cost controls.
The company said income attributable to Jones for the three months ended June 30 rose 55.8 percent to $8.1 million, or 10 cents a diluted share, from $5.2 million, or 6 cents, last year. On an adjusted basis, excluding charges related to the impact of severance, asset impairments in retail locations to be closed and other restructuring activities, EPS was 22 cents, compared with 33 cents a year ago. Analysts were expecting EPS of 7 cents on revenues of $867.1 million.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)