Jones Group Shares Plunged: What You Need to Know
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What: Shares of clothing maker Jones Group (NYS: JNY) are going out of style today, with the stock plunging 10% after reporting third-quarter earnings this morning.
So what: The company, whose brands include Nine West and Jones New York, reported third-quarter revenue of $1.04 billion, giving way to earnings per share of $0.48. The market was looking for $1.09 billion in sales and $0.45 in earnings per share.
Now what: Jones expects full-year revenue in the range of $3.8 billion and $3.87 billion, which falls short of the $3.97 billion that analysts are calling for. The company's domestic wholesale segment fared poorly, as department stores such as Macy's (NYS: M) tread carefully with orders in the tough macroeconomic climate. Jones is seeking to focus on the pricier luxury brands going forward in order to expand margins.
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