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.