E-commerce sales rise 40% for Jones in 2010
The web now accounts for 2% of total revenue.
The Jones Group Inc., which owns and operates brands such as Nine West, Anne Klein, Gloria Vanderbilt and others, has capped off another good year of growth online.
For the year ended Dec. 31, Jones, No. 219 in the Internet Retailer Top 500 Guide reported:
- E-commerce represented 2% of total sales. Based on that statistic, Internet Retailer projects that e-commerce sales for Jones reached $71.9 million in 2010, up 39.6% from e-commerce sales of $51.5 million in 2009. Internet Retailer calculates the web accounted for 1.2% of sales in 2009. Jones disclosed its 2009 web sales on its year-end conference call.
- Total sales grew 9.5% to $3.59 billion from $3.28 billion.
- Net income for 2010 was $54.4 million compared with a net loss of $86.3 million in the prior year.
- The company did not break out comparable-store sales in its earnings release.
“While the fourth quarter had its challenges, we had solid sales growth in our core brands and performed well against a challenging retail landscape,” says CEO Wesley Card.
Jones doesn’t break out quarterly web sales, but for the fourth quarter reported:
- Sales grew year over year 12.5% to $858.4 million from $762.8 million.
- Net loss was $40 million compared with $130 million in the prior year. In the quarter, Jones took a $38 million cash impairment charge related to its wholesale jeans operation.
“We are confident that our brands will achieve growth throughout 2011, and will support the bottom line through selective price increases, logistics enhancements and the maintenance of a lean operating structure," says Card.