Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
Though it’s still only a small part of total revenue, the web easily outperformed other sales channels for consumer brand manufacturer and multichannel retailer Jones Apparel Group. Web sales grew 52.5%.
Though it’s still only a small part of total revenue, e-commerce easily outperformed other sales channels for consumer brand manufacturer and multichannel retailer Jones Apparel Group Inc. in the second quarter.
For the second quarter ended July 4:
- E-commerce sales increased 52.5% to $10.75 million from $7.05 million in the second quarter of 2008.
- Total sales decreased 3.1% to $803.90 million from $829.40 million in the prior year.
- Retail sales declined year over year 6.9% to $183.80 million from $197.50 million.
- Comparable store sales decreased 6.4%.
- The web accounted for 1.3% of total sales compared with 0.9% in the second quarter of 2008.
- Net income increased 23.6% to $13.10 million from $10.60 million in the prior year.
For the first two quarters:
- Web sales increased 72.5% to $20.36 million from $11.80 million
- Total sales decreased 6.0% to $1.695 billion from $1.804 billion
- Retail sales declined 8.8% to $325 million from $356.30 million
- Comparable store sales declined 7%
- Net income fell 55.6% to $13.40 million from $30.20 million