Wesley Card

Wesley Card, the CEO of Jones Group, is to step down from his role as part of plans by Sycamore Partners to split the newly acquired company into four independent firms. Earlier this month, Jones Group shareholders overwhelmingly voted to approve the acquisition of the U.S. clothing and footwear company by private equity firm Sycamore Partners in a deal worth $2.2 billion. As a result, Sycamore has set out four plans for the businesses within the Jones Group, which it says will operate independently going forward. 

New York -- The Jones Group Inc. reported Wednesday that net income for the quarter ended June 30 soared 56% to $7.9 million, from $5 million in the year-ago period. Sales for the parent to such brands as Nine West and Anne Klein dipped 4% to $854.8 million, missing Wall Street’s expected $865.5 million in revenue, but tightened inventory controls offset the sales decline. "We have received very positive reactions from wholesale customers to our enhanced products across our brands that will ship in (the) fall,” said CEO Wesley Card. “And are confident that this will translate into improved

The Jones Group reported that second-quarter earnings dropped almost 80 percent to $5.2 million, compared with $25.7 million in the year-ago period. The retailer and manufacturer, whose brands include Nine West and Anne Klein, cited expenses related to the acquisition of U.K. luxury footwear retailer Kurt Geiger for the poor earnings performance but results still exceeded Wall Street estimates.

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