Shares of Jones Apparel Group on Wednesday rose 6.29 percent after the company posted third-quarter results that bested Wall Street's expectations by 17 cents.
Jones Apparel shares closed at $20.94 in trading on the New York Stock Exchange, with nearly five million shares changing hands compared with a three-month average volume of nearly two million.
As reported, profits for the $4.74 billion apparel giant for the three months ended Oct. 6 rose to $400 million, or $3.97 a diluted share, from $63 million, or 56 cents, in the same year-ago quarter. The gain came primarily from the sale of Barneys New York in September to Dubai investment firm Istithmar for $942.3 million. Excluding the sale of Barneys and other charges, adjusted earnings per share from continuing operations were 51 cents compared with 59 cents a year ago. The consensus estimate among Wall Street analysts was 34 cents, according to First Call.
Revenues for the quarter slid to $1.03 billion from $1.08 billion.
The company kept its full-year 2007 per-share profit range for continuing operations at between $1.20 and $1.25.
President and chief executive officer Wes R. Card said in a call to Wall Street analysts that declining sales to department store customers were stabilizing.
He also disclosed that, for the first time, in 2008, the entire management team will be "unified and share similar incentives toward achieving positive results."
He said the company has outlined and is rolling out an incentive compensation plan for the "top 90 executives in the company tied to both divisional and corporate performance metrics, which replaces the existing discretionary bonus plan. These goals include the achievement of planned operating income and operating cash flow targets and, for the longer-term, a component of total shareholder return versus our peers in operating cash generation."
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews
@prada is introducing a new project at its men’s fall 2018 show this Sunday: “Prada Invites.” The fashion house invited four celebrated creative minds – @ronanaerwanbouroullec, Konstantin Grcic, @herzogdemeuron and @rem.koolhaas – to each create a unique item with its iconic nylon material. The designs will be unveiled on the runway show, which will take place at the company’s warehouse in Viale Ortles 25. #wwdfashion #mfwm (📷: @martinocarrera)
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion