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Jones Group 8 percent up in Q1

By FashionUnited

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Jones Group broke the corporate news on Wednesday when reported first quarter

results for 2013. Total revenues came in at 1.009 billion dollars, this is 8 percent above last year´s first quarter and “overall was in line with the revised guidance we issued last week,” the company said in a communication issued Wednesday.

Operating income decreased to 34 million dollars from the 53 million dollars reported last year. “This resulted primarily from disappointing results in our Sportswear business and our Direct Retail channel, as well as the impact of the cold weather, which prevailed during the quarter, both in the U.S. and Europe, which inhibited sales of spring product,” explained the retailer.

Adjusted earnings per share was 0.15 dollars and compares to the 0.31 dollars registered last year.

Meanwhile, shares of discounted price apparel retailer TJX Company (TJX) reached a new 52-week high of 48.97 dollars on Monday, Apr 29, following the company's announcement of its guidance for the first quarter of fiscal 2014 and strong sales in Mar 2013. They surpassed the previous 52-week high of 48.2 dollars on Apr 9, reported ‘Nasdaq’.

Total sales for the five-week period ended Apr 6, 2013, climbed 5 percent to 2.4 billion dollars and, according to the retailer, the growth is attributable to the early Easter and the unusually cold weather across the US, Canada and Europe

In Italy, Luxottica, owner of the Ray-Ban and Oakley brands, reported net income climbed up by 24 percent to 159 million euros while net sales increased 4.2 percent to 1.86 billion euros. Analysts had estimated profit of 155.7 million euros on sales of 1.87 billion euros, according to data compiled by Bloomberg.

“We had a more-than-solid initial start to the year in the U.S., our most important region,” Chief Executive Officer Andrea Guerra said in a phone interview with Bloomberg. “Sales in countries like France and Germany, and continental Europe in general, have exceeded expectations with high single-digit growth.”

Luxottica’s emerging-market sales at constant exchange rates increased 17 percent in the first quarter, led by a 30 percent gain in Brazil. “Emerging markets are doing their job,” Guerra said. “Performance during the year will hopefully see an acceleration.”

Still in Europe, BNP Paribas reaffirmed their ‘neutral’ rating on shares of Burberry Group PLC in a research note released on Monday morning. A number of other analysts have also recently weighed in on the stock, with JP Morgan Cazenove reiterating a ‘neutral’ rating on shares of Burberry Group PLC in a research note to investors on Friday, April 19th. Separately, analysts at Deutsche Bank reiterated a ‘hold’ rating on shares of Burberry Group PLC in a research note to investors on Friday, April 19th. Finally, analysts at Morgan Stanley reiterated an ‘equal weight’ rating on shares of Burberry Group PLC in a research note to investors on Wednesday, April 17th.

On a separate stance, Macquarie upgraded shares of Abercrombie & Fitch from a ‘neutral’ rating to an ‘outperform’ rating in a report released earlier this week. They have a 63.00 dollars target price on the stock.

Finally, Sears Holdings Corporation (NASDAQ: SHLD) announced Wednesday they will be releasing financial results for its fiscal 2013 first quarter on or about May 23, 2013, before the market opens.
FashionUnited