St. John Knits’ Earnings to Fall Short
St. John Knits Inc., a women’s clothing manufacturer and retailer, said that fiscal second-quarter earnings will fall short of analysts’ expectations because of lower-than-anticipated shipments.
The Irvine-based company said it expects to earn 57 cents a share in the quarter ended May 3. The company was expected to earn 61 cents a share, according to analysts surveyed by IBES International Inc. St. John earned 52 cents a share in the year-earlier period.
Sales in stores open at least a year are expected to rise between 11% and 13% in the quarter. The company said it is well-positioned for the rest of fiscal 1998, based on current demand.
The company’s forecast was announced after the stock market closed. St. John shares rose $1.44 to $43.44.
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