Jones Apparel Group's apparel & sportswear perform better in Q2

29 Jul '05

6 min read

New York based leading branded apparel, footwear and accessories designer and marketer Jones Apparel Group Inc reported results for the second quarter ended July 2, 2005. The Company also updated its expectations for the full year 2005, announced a strategic review of its operating infrastructure to improve profitability, and increased its dividend to reflect its strong financial position.

Revenues for the second quarter totaled $1,176.4 million as compared to $1,052.6 million for the second quarter of 2004. Earnings per share were $0.46 for the second quarter of 2005, as compared to $0.61 in the same period last year.

Earnings per share were $1.17 for the first six months of 2005, as compared to $1.34 for the same period last year. Earnings per share, excluding the impact of manufacturing inefficiencies realized in connection with the consolidation of its Mexican denim manufacturing operations, were $0.48 for the second quarter and $1.21 for the first six months.

Peter Boneparth, President and Chief Executive Officer, stated, "Company second quarter financial performance was generally consistent with expectations. The wholesale better apparel businesses, Gloria Vanderbilt moderate apparel business and Barneys New York retail business each exceeded their plan.

This stronger performance offset previously announced expenses during the period of (i) $4.6 million due to lost manufacturing efficiencies associated with our denim operations and (ii) $3.2 million related to an arbitration award to a former employee, which were not in our plan.

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