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Jones Apparel reports 2007 Q4 & full year financial results
13 Feb '08
4 min read
Jones Apparel Group Inc reported results for the fourth quarter and year ended December 31, 2007. Revenues for the fourth quarter of 2007 totaled $839 million versus revenues of $1,007 million for the fourth quarter of 2006. Revenues for the full year 2007 were $3,849 million versus $4,087 million for the full year 2006. The year over year changes reflect the planned exit of the moderate sportswear lines, which was substantially complete by December 31, 2007.
The Company reported a loss per share of ($1.06) for the fourth quarter of 2007, as compared with a loss per share of ($2.51) in the same period last year. Earnings per share for the full year 2007 were $3.07, as compared with a loss per share of ($1.30) in the prior year. 2007 results included the gain on the sale of Barneys New York and the costs associated with our strategic restructuring plans.
Excluding the effects of Barneys New York and its related results, the impairments of goodwill and trademarks in our moderate sportswear businesses, the impact of severance and other expenses related to our strategic restructuring activities and certain other charges, adjusted earnings per share from continuing operations for the fourth quarter of 2007 were in line with the Company's expectations at $0.09, as compared with $0.32 for the same period last year.
Adjusted earnings per share from continuing operations for the full year 2007 were also in line with the Company's expectations at $1.26, as compared with $1.94 for the full year 2006 (as detailed in the accompanying schedule).
Wesley R. Card, Jones Apparel Group President and Chief Executive Officer, stated, "While we accomplished a great deal during the second half of the year that will help position us for future success, the fourth quarter proved to be particularly challenging across our operating segments, largely due to the disappointing holiday retail season and the overall macroeconomic environment.
The Company reported a loss per share of ($1.06) for the fourth quarter of 2007, as compared with a loss per share of ($2.51) in the same period last year. Earnings per share for the full year 2007 were $3.07, as compared with a loss per share of ($1.30) in the prior year. 2007 results included the gain on the sale of Barneys New York and the costs associated with our strategic restructuring plans.
Excluding the effects of Barneys New York and its related results, the impairments of goodwill and trademarks in our moderate sportswear businesses, the impact of severance and other expenses related to our strategic restructuring activities and certain other charges, adjusted earnings per share from continuing operations for the fourth quarter of 2007 were in line with the Company's expectations at $0.09, as compared with $0.32 for the same period last year.
Adjusted earnings per share from continuing operations for the full year 2007 were also in line with the Company's expectations at $1.26, as compared with $1.94 for the full year 2006 (as detailed in the accompanying schedule).
Wesley R. Card, Jones Apparel Group President and Chief Executive Officer, stated, "While we accomplished a great deal during the second half of the year that will help position us for future success, the fourth quarter proved to be particularly challenging across our operating segments, largely due to the disappointing holiday retail season and the overall macroeconomic environment.
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