John T. McClain, Jones Apparel Group Chief Financial Officer, commented: "We had another solid quarter and our financial position remains strong. We ended the quarter with $133 million of cash, after funding the acquisition of Stuart Weitzman. During the quarter, we received tremendous support from our banking partners in completing an amendment and extension to 2015 of our $650 million credit facility, which remains undrawn. Throughout the remainder of 2010, we will maintain our prudent management of inventories and expenses to conserve cash and improve margins."
Mr. Card concluded: "Moving into the fall season, we are mindful of the current uncertain retail environment and note that recent consumer behavior is more cautious. We are pleased with the contributions of Stuart Weitzman and other recent acquisitions and line expansions, and will continue to search for more opportunities to fill the white space in our portfolio to drive growth. Across the organization, we remain disciplined and committed to performing well, even in challenging macroeconomic conditions."
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