Home / Knowledge / News / Apparel/Garments / Revenues down marginally at Jones Group in Q3 FY'12
Revenues down marginally at Jones Group in Q3 FY'12
25
Oct '12
The Jones Group Inc. reported results for the third quarter ended September 29, 2012. Revenues for the third quarter of 2012 were $1,035 million, as compared with $1,043 million for the third quarter of 2011.

The Company reported adjusted earnings per share of $0.57 for the third quarter of 2012, as compared with adjusted earnings per share of $0.48 for the same period last year. The results for both periods include gains and charges relating to balances denominated in foreign currencies.

The current year quarter includes net gains of approximately $7 million ($5 million after tax), or $0.06 per share, whereas in the prior year quarter, net charges of $5 million ($3 million after tax), or $0.04 per share, were realized. Results for both periods also include the favorable impacts of tax law changes in the United Kingdom, which were approximately $4 million after tax ($0.05 per share) in the third quarter of 2012 and approximately $4 million after tax ($0.05 per share) in the third quarter of 2011.

The adjusted results exclude charges related to the impact of severance, asset impairments in retail locations to be closed and other costs related to restructuring activities, certain acquisition-related costs and other costs not considered relevant for period-over-period comparisons.

Wesley R. Card, The Jones Group Chief Executive Officer, stated: "We are pleased with the results we achieved in the third quarter and we continue to see the benefit of conservative inventory planning and control. Our domestic wholesale footwear and accessories and jeanswear businesses were our best performers, while our structured sportswear business and retail channels remained more challenging and promotional. Our international segments continued to perform quite well, especially in the face of a difficult economic climate, particularly in Western Europe."

The Company ended the quarter with $234 million in cash and generated cash from operating activities during the nine months of $13 million, compared with $6 million in the prior year period. At September 29, 2012, the Company had no amounts drawn under its $650 million of committed revolving credit facilities.

John T. McClain, The Jones Group Chief Financial Officer, commented: "Our financial position remains strong. We ended the quarter with $234 million in cash and our revolver undrawn. Our approach to inventory commitments remains conservative, and we continue to emphasize tight expense control. We believe these actions will enable us to continue to maintain a strong balance sheet."

Mr. Card concluded: "We believe we are well positioned for the fourth quarter and as we enter 2013 to continue to execute on our strategic plan. We have received positive reactions from wholesale customers to our enhanced products across our brands that ship in fourth quarter 2012 and Spring 2013. We are confident that continued product improvement will ultimately translate into increased sales and improved retail performance."

The Company's Board of Directors has declared a regular quarterly cash dividend of $0.05 per share to all common stockholders of record as of November 9, 2012, for payment on November 23, 2012.

Jones Group Inc.


Must ReadView All

ITC, ICS tie up to help Moroccan textile value chain

Textiles | On 21st Apr 2018

ITC, ICS tie up to help Moroccan textile value chain

The International Trade Centre (ITC) has partnered with ICS, which...

Bangladesh garment manufacturers call for fair pricing

Apparel/Garments | On 21st Apr 2018

Bangladesh garment manufacturers call for fair pricing

Bangladesh garment manufacturers want a ‘commensurate adjustment’ by...

Pak ministry proposes extension to PM package for 2018-19

Textiles | On 21st Apr 2018

Pak ministry proposes extension to PM package for 2018-19

Pakistani textile ministry has reportedly proposed extending the...

Interviews View All

Amit Jain
Shingora Textiles Ltd

‘In terms of fabric, the fastest growing category for us is a blend of...

Veronique Lee
Modavanti

‘Sustainable fashion is trending upwards, slowly but surely, as people...

Jurgen Gauger
Spreadshirt

‘Buying crowdsourced or creative designs are much more appealing to the...

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

John Kelley

Textile Events is one of the largest textile fair in the United Kingdom,...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


April 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.9%
No
12.6%
Skip
17.5%

Total Votes: 103

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.1%
No
29.1%
Skip
7.8%

Total Votes: 103

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.4%
No
8.7%
Skip
3.9%

Total Votes: 103

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.5%
No
7.8%
Skip
9.7%

Total Votes: 103


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search