St. John Knits Posts Flat Quarterly Profit
St. John Knits International Inc., an Irvine designer of women’s clothing and accessories, reported net income of $7.3 million, or 89 cents a share, for its fiscal second quarter, unchanged from $7.3 million, or 93 cents a share, a year ago, hurt in part by increased expenses.
Revenue declined 5% to $92.3 million for the quarter ended April 28 as an increase in sales at its stores failed to offset a decline in wholesale sales, St. John Knits said. Sales at its full-price stores rose 15% to $33.3 million, with sales at stores open at least a year up 9.9%.
The company operates 28 retail boutiques and 10 outlet apparel stores as well as three home furnishing stores run through a wholly owned subsidiary.
St. John Knits shares closed unchanged at $36 in over-the-counter trading. The earnings were announced after the markets closed.
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