On the store-opening end, Barneys will open two new flagship stores in the fall, after rolling out two of its co-op stores and an outlet during the first quarter, which ended April 1. It currently operates seven flagships, nine co-ops and 12 outlets.
During the course of the year, Jones plans to close 50 to 60 of its mall-based stores and open another 100 to 110. The firm currently operates 750 footwear units and 259 ready-to-wear locations under the Anne Klein, Bandolino, Jones New York and Nine West names, among others.
Ready-to-wear and sport apparel drove sales at Jones' mall-based stores, while the footwear units were too invested in sandals, as dress shoes were better sellers. "We think that the footwear business is showing some interesting signs of life," observed Peter Boneparth, Jones' chief executive officer, during a conference call.
Boneparth was mum about a possible sale of the company. In March management announced that it was seeking strategic alternatives that included a sale and had hired Goldman, Sachs & Co. to advise.
During the quarter, Jones' earnings per share dropped to 22 cents from 71 cents during the same year-ago period. Revenues dropped as well, from close to $1.4 billion, to just north of $1.2 billion.
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