Home / Knowledge / News / Apparel/Garments / Jones Q4 results reflects today's macroeconomic situations
Jones Q4 results reflects today's macroeconomic situations
11
Feb '10
Jones Apparel Group, Inc. reported results for the fourth quarter and year ended December 31, 2009. Revenues for the fourth quarter of 2009 were $777 million, as compared with $847 million for the fourth quarter of 2008. Revenues for the full year 2009 were $3,327 million, as compared with $3,616 million for the full year 2008. The fourth quarter decrease in revenues of 8% was as anticipated and reflective of the overall economic conditions that continue to affect retail sales in general. Gross profit margin increased 480 basis points to 34.3% for the fourth quarter, reflecting the benefits of careful inventory management.

The Company reported adjusted earnings per share from continuing operations ("EPS") of $0.11 for the fourth quarter of 2009, as compared with adjusted earnings per share of ($0.04) for the same period last year. The 2009 and 2008 fourth quarter adjusted results exclude charges related to the impairments of goodwill and trademarks in our retail, jeanswear and footwear and accessories businesses, the impact of severance and other costs related to restructuring activities initiated across the Company, and certain other costs. Adjusted earnings per share from continuing operations on a full year basis were $1.14 in 2009 versus $0.87 per share in the prior year (see reconciliation of adjusted earnings to reported earnings in the accompanying schedule).

As reported under generally accepted accounting principles ("GAAP"), the Company reported a loss of ($1.53) per share from continuing operations for the fourth quarter of 2009, as compared with a loss of ($9.86) for the same period last year. The 2009 results include non-cash impairment charges of approximately $150 million ($138 million after tax) for certain goodwill and trademarks within our Retail and Wholesale Jeanswear and Wholesale Footwear and Accessories businesses, while the 2008 results include non-cash impairment charges of approximately $838 million ($810 million after tax) for certain goodwill and trademarks within our Wholesale Footwear and Accessories business. Such charges were a result of the Company's required annual testing under GAAP. The fourth quarter results also include severance and other costs related to restructuring activities initiated across the Company, and certain other charges totaling $4 million ($2 million after tax) and $13 million ($9 million after tax) in 2009 and 2008, respectively.

Wesley R. Card, Jones Apparel Group Chief Executive Officer, stated: "We are encouraged by the strength of our brands and retail partnerships as we look ahead to 2010. We have focused on revitalizing our core brands and organizational structure and have enhanced our product offerings by acquiring new brands and developing new partnerships. We also streamlined our supply chain and distribution networks and closed marginally profitable businesses. Our retail improvement plan is showing positive results. We have already closed approximately100 retail locations, with an additional 165 locations to close in 2010. Today, we are a leading department store resource, and we continue to explore new opportunities to offer consumers quality products at the right price points."

Must ReadView All

Apparel/Garments | On 24th Feb 2017

Q4FY17 EPS dips 11% at apparel retailer Macy’s

For the thirteen weeks period ended January 28, 2017, earning per...

Textiles | On 24th Feb 2017

Net income slips at Westlake Chemicals in Q4

For the three months ended December 31, 2016, net income at US...

Apparel/Garments | On 23rd Feb 2017

NAFTA renegotiation puts Mexico-US jeans trade at risk

The almost imminent renegotiation of the North America Free Trade...

Interviews View All

Shiladitya K Joshi
Truetzschler India Private Limited

India ITME provides a platform to interact with our stakeholders

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Yashiki Gumber
Sahiba Fabrics

Fabric does not restrict us from fashion trends

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Pranav Mishra
Huemn

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

Yash P. Kotak
Bombay Hemp Company

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

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
February 2017

February 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search