St. John Knits’ First-Quarter Profits Fall

St. John Knits Inc. said Friday that its profits fell 37% in the first quarter, the second consecutive quarterly decline for the upscale women’s clothier. The Irvine company earned $5.8 million, or 34 cents a share, down from $9.2 million, or 54 cents a share, for the same period last year. Analysts had estimated earnings of 35 cents a share for the three months ended Jan. 31. Sales rose 7% to $73.4 million from $68.8 million. Sales at company-operated boutiques open at least a year rose 21%. The company gave no reason for the lower profits, which were released after U.S. markets closed. The stock closed at $26.25 a share, down 6 cents. Chief Executive Robert E. Gray and his family, along with Vestar Capital Partners investing firm, are planning to buy the company for $30 a share, or about $522 million. The deal is being challenged in court and must still be approved by shareholders.