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Jones performs well against challenging retail landscape
10 Feb '11
5 min read
John T. McClain, The Jones Group Chief Financial Officer, commented: "Our financial position remains strong. We ended the year with $200 million in cash and our revolver undrawn. As our business is growing, we have made an investment in working capital, and we will continue to carefully monitor that investment and maintain a prudent management of inventories and expenses throughout 2011 in order to conserve cash and improve margins. We enter 2011 with a more conservative, tightened buy plan and are now well-positioned with our inventory."
The Company noted that it closed 44 retail locations in the 2010 fourth quarter to end the year with 803 locations (which includes acquired Stuart Weitzman locations). Consistent with its plan, the Company closed 194 locations in 2010.
The following notable events have recently occurred:
• we entered into an exclusive licensing agreement to design, develop, produce and distribute Jessica Simpson Sportswear under the Jessica Simpson Collection;
• we entered into an agreement with Mexico's Liverpool department store to exclusively carry Jones New York in Mexico beginning with the spring 2011 line;
• we are introducing Jones New York in Spain's El Cortes Ingles department store in March 2011; and
• we continued to add to our talent by appointing Sally Ross as Executive Vice President of Nine West Direct Merchandising.
Mr. Card concluded: "Looking at 2011, the economic indicators continue to point to a slow and gradual improvement, but there will be many challenges ahead including continued cost pressures and consumer reaction to higher prices. We have the right elements in place to build the most powerful portfolio of brands in fashion and deliver value, exceptional talent, best-in class products, smart branding strategies and diversified distribution channels worldwide. We are confident that our brands will achieve growth throughout 2011, and will support the bottom line through selective price increases, logistics enhancements and the maintenance of a lean operating structure."
The Company's Board of Directors has declared a regular quarterly cash dividend of $0.05 per share to all common stockholders of record as of February 25, 2011, for payment on March 11, 2011.
The Company noted that it closed 44 retail locations in the 2010 fourth quarter to end the year with 803 locations (which includes acquired Stuart Weitzman locations). Consistent with its plan, the Company closed 194 locations in 2010.
The following notable events have recently occurred:
• we entered into an exclusive licensing agreement to design, develop, produce and distribute Jessica Simpson Sportswear under the Jessica Simpson Collection;
• we entered into an agreement with Mexico's Liverpool department store to exclusively carry Jones New York in Mexico beginning with the spring 2011 line;
• we are introducing Jones New York in Spain's El Cortes Ingles department store in March 2011; and
• we continued to add to our talent by appointing Sally Ross as Executive Vice President of Nine West Direct Merchandising.
Mr. Card concluded: "Looking at 2011, the economic indicators continue to point to a slow and gradual improvement, but there will be many challenges ahead including continued cost pressures and consumer reaction to higher prices. We have the right elements in place to build the most powerful portfolio of brands in fashion and deliver value, exceptional talent, best-in class products, smart branding strategies and diversified distribution channels worldwide. We are confident that our brands will achieve growth throughout 2011, and will support the bottom line through selective price increases, logistics enhancements and the maintenance of a lean operating structure."
The Company's Board of Directors has declared a regular quarterly cash dividend of $0.05 per share to all common stockholders of record as of February 25, 2011, for payment on March 11, 2011.
Jones Group Inc
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