Home / Knowledge / News / Apparel/Garments / Jones Apparel revises fiscal 2008 guidance
Jones Apparel revises fiscal 2008 guidance
15
Oct '08
Jones Apparel Group Inc revised its earnings guidance for fiscal year 2008, reflecting the continued weakening of the overall economic climate and the impact on consumer spending and on its retail customers of the recent unprecedented events in the financial markets.

Wesley R. Card, Jones Apparel Group President and Chief Executive Officer, stated, "The economic environment continues to deteriorate, as evidenced by the recently reported September retail comparable store sales figures. Despite the increasingly difficult market conditions, we remain committed to our focus on enhancing our core brands to improve performance and increase our market share."

"The strategies we began implementing last year, combined with new product initiatives, have revitalized and strengthened our ability to better manage through these volatile times."

The Company now expects to report 2008 full year adjusted earnings per share from continuing operations in a range of $0.93 to $0.98, compared with 2007 adjusted earnings per share from continuing operations of $1.26. The Company's previous guidance was a range of $1.20 to $1.35. For the third quarter of 2008, the Company expects to report adjusted earnings per share from continuing operations in a range of $0.32 to $0.34, compared with 2007 third quarter adjusted earnings per share from continuing operations of $0.51.

The Company continues to maintain a strong financial position and estimates that for the third quarter ended October 4, 2008 it will report available cash of approximately $200 million, with no outstanding short-term debt and over $1 billion of availability in committed revolving credit facilities.

The Company expects to end 2008 with approximately $300 million of available cash and no short term borrowings, and to generate operating cash flow from continuing operations for the year in a range of $130 million to $145 million.

Mr. Card continued, "Our retail operations trended negatively during the third quarter consistent with the overall economic climate, reflecting a drop in consumer confidence and spending levels. Comparable store sales in our own stores declined significantly in September and were down approximately 2% for the full quarter. Given the difficult business climate, we anticipate a more promotional fourth quarter and are therefore revising our full year guidance."

"We believe that the progress we have made in managing working capital and strengthening our brands will enable us to navigate through this difficult time. We continue to work closely with our customers to pursue our multiple strategies to drive consumer demand and growth, while controlling inventory and operating expenses."

Jones Apparel Group Inc


Must ReadView All

Vietnam's textile-garment export turnover $16 bn in H1 '18

Apparel/Garments | On 19th Jul 2018

Vietnam's textile-garment export turnover $16 bn in H1 '18

Vietnam is among the world's five biggest textile exporters and...

Courtesy:  Pratibha Syntex

Apparel/Garments | On 19th Jul 2018

India's Pratibha Syntex aims $200 mn sales revenue by 2020

Pratibha Syntex, with interests in fibre, spinning, knitting and...

Kenya to use Sh6 bn Indian loan to upgrade Rivatex

Textiles | On 19th Jul 2018

Kenya to use Sh6 bn Indian loan to upgrade Rivatex

Kenya will use a Sh6 billion loan from India’s Exim Bank to expand...

Interviews View All

Top executives
Fashion houses, India

With technology, it has become easier to ensure IPR

Jurgen Gauger
Spreadshirt

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

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Tom Adeyoola

Describing itself as the best body shape and garment fit company in the...

Urmil Arya

Sushila International, a well established textile organisation established ...

Harsh Shah

Fynd is the central online shopping destination for fashion, offering...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Yash P. Kotak
Bombay Hemp Company

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

Pranav Mishra
Huemn

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

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

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


July 2018

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

news category


Related Categories:

Advanced Search