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Jones Group’s profit helped by sales to department stores
New York -- Jones Group Inc. reported a higher-than-expected quarterly profit, helped by a rise in sales of shoes and jeans to U.S. department stores, which helped make up for a big drop in business at its own stores.
Third-quarter revenue slipped 0.7% to $1.035 billion as sales at the company's U.S. stores were down 6.7%.
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Wal-Mart centralizes compliance and legal issues
New York -- Wal-Mart Stores said on Wednesday that various staff groups involved in compliance and legal issues will soon all report to its general counsel, Reuters reported. The move comes as the retailer works on coordinating efforts after an alleged foreign bribery scandal.
In a memo sent by CEO Mike Duke, the retailer said that starting on Dec. 1, its compliance, ethics, investigations and legal units will become one organization under executive VP, general counsel and corporate secretary Jeff Gearhart.