Home / Knowledge / News / Apparel/Garments / Jones Group adjusted EPS plunges 26.61% in 2013
Jones Group adjusted EPS plunges 26.61% in 2013
11
Feb '14
The Jones Group Inc. reported results for the fourth quarter and year ended December 31, 2013. Revenues for the fourth quarter of 2013 were $889 million, as compared with $972 million for the fourth quarter of 2012.  Revenues for the full year 2013 were $3,765 million, as compared with $3,798 million for the full year 2012.   
 
The Company reported adjusted earnings per share ("EPS") of $0.27 for the fourth quarter of 2013, as compared with adjusted EPS of $0.14 for the same period last year.  The 2013 fourth quarter results include certain tax benefits of $0.08 per share.  Adjusted EPS on a full year basis was $0.91 in 2013, as compared with $1.24 per share in the prior year.  
 
The adjusted results exclude charges related to the impairments of certain intangible assets, the impact of severance and other costs related to restructuring activities, certain acquisition and business development-related costs and other costs not considered relevant for period-over-period comparisons.
 
As reported under generally accepted accounting principles ("GAAP"), the Company reported a fourth quarter loss per share of ($0.61) and ($1.06) for 2013 and 2012, respectively.  On a full year basis, the Company reported a GAAP loss per share of ($0.26) and ($0.72) for 2013 and 2012, respectively.
The results for both periods include non-cash impairment charges relating to certain goodwill, trademarks and other intangible assets.  
 
The non-cash impairment charges of $57 million ($50 million after tax) and $75 million ($66 million after tax) for 2013 and 2012, respectively, were primarily related to goodwill in our Domestic Wholesale Sportswear and International Retail businesses and trademarks utilized in our Domestic Wholesale Footwear and Accessories and Wholesale Jeanswear businesses. 
 
Wesley R. Card, The Jones Group Chief Executive Officer, stated: "We are pleased with the improvement in our fourth quarter operating performance with an increase in adjusted earnings per share to $0.19 versus $0.14 last year, excluding tax benefits of $0.08.  
 
Our Domestic Retail, Domestic Wholesale Footwear and Accessories and International Retail businesses achieved the largest operating improvements.  Our Sportswear business remained more challenging and promotional, although we are encouraged with our overall turnaround efforts in this business."
 
Adjusted operating cash flow during 2013 was $113 million, as compared with $207 million in 2012. The current year results reflect a higher level of required investment in working capital, higher interest payments, and  lower earnings.  Under GAAP, 2013 cash flows from operations were $92 million, as compared with $113 million in the prior year.


Must ReadView All

Apparel/Garments | On 2nd May 2016

WB: B’desh can create more jobs with apparel exports

Clothing exports could create more and better jobs in Bangladesh if...

Courtesy: Skechers USA Inc

Apparel/Garments | On 2nd May 2016

Govt okays single brand retail for Skechers

Footwear maker Skechers USA Inc. has secured the government's...

Apparel/Garments | On 2nd May 2016

Amazon to invest more in India

Global e-commerce major Amazon plans to boost investment in its...

Interviews View All

Sachin Arora
Myntra

How prevalent are engagement practices in the Indian corporate houses? Can ...

Nancy Hunze
Miller Waste Mills

Do you view recycled clothes as the future of textile and fashion...

Martin Kagi
Buhler Group

Give us an insight about the Swiss yarn production market and how do you...

Marten Alkhagen
Swerea IVF AB

<b><i>Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles...

Mr. Tushar Patel
Sanrhea Technical Textiles Limited

Mr. Tushar Patel is the Managing Director of Sanrhea Technical Textiles...

Rory Holmes
INDA - The Association of the Nonwoven Fabrics Industry

Rory Holmes is President of INDA, the Association of the Nonwoven Fabrics...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

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
April 2016

F2F Magazine

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

SUBSCRIBE


Browse Our Archives

GO


<%@ language="VBScript" %>
feedback
We would love to hear from you about your experience using the new interface. A quick review of yours would help us give you a better experience.
Advanced Search