St. John Knits Reports Higher Income
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IRVINE — St. John Knits, which designs and manufactures women’s clothing and accessories, said third-quarter net income totaled $7.2 million, or 42 cents a share, 20% higher than the $6 million, or 35 cents a share, posted for the same period last year. Sales for the quarter ended Aug. 3 advanced 18% to $54.8 million from $46.5 million.
Net income for the first three quarters increased 27% to $23.5 million, or $1.37 a share, from $18.5 million, or $1.09 a share, for the same period a year ago. Sales gained 20% to $170.5 million from $141.8 million.
The company said it changed inventory systems, which increased earnings per share by 1 cent for the current third quarter and nine months.
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