Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
E-commerce sales grew 56% in 2011.
E-commerce sales grew briskly for apparel manufacturer and retailer The Jones Group Inc. in 2011. The web now also accounts for a bigger portion of the company’s revenue.
For the year ended Dec. 31, Jones, No. 204 in the Internet Retailer Top 500, reported:
- E-commerce accounted for 3% of total sales compared with 2% in 2010. Based on those percentages, e-commerce sales grew year over year 55.8% to $113.6 million from $72.9 million.
- Total sales increased 4.1% to $3.79 billion from $3.64 billion
- Domestic retail sales declined 3.1% to $631 million from $651 million.
- Net income declined 5.3% to $51.5 million from $54.4 million.
“We are committed to driving profitability and continue to operate efficiently, control costs and execute at a high level,” says CEO Wesley Card. “At the same time, we are concentrating our efforts on the areas we believe offer the greatest opportunity for revenue growth—upscale and contemporary brands, international and our traditional core brands.”
Jones, which owns and operates NineWest.com, EasySpirit.com and other web stores, didn’t break out quarterly e-commerce revenue, but for the final quarter did report:
- Total sales increased 2.3% to $878.1 million from $858.4 million in Q4 2010.
- Domestic retail sales declined 6.8% to $179 million from $192 million.
- Net loss was $20.9 million compared with a net loss of $40 million in Q4 2010.
“Fourth quarter revenues were lower than expected due to the highly promotional retail environment and a slowdown in replenishment orders,” Card says.