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Jones Q4 results reflects today's macroeconomic situations
11 Feb '10
4 min read
Mr. Card continued: "Our fourth quarter results were reflective of today's macroeconomic situation, which was marked by both low consumer confidence and spending levels. We are encouraged by our improved operating margins and the performance of our Retail business, which was profitable in the quarter and posted an increase in comparable store sales of 2.0%."
Cash provided by continuing operating activities during 2009 was $349 million, an improvement of $173 million when compared with 2008. The improvement in cash flow was largely driven by inventory control, lower working capital requirements and the timing of certain cash receipts and payments. The Company has no amounts drawn under its $650 million of committed revolving credit facilities.
John T. McClain, Jones Apparel Group Chief Financial Officer, commented: "Our financial position continues to be strong, ending the quarter with $333 million in cash, and our revolver remains undrawn. During the year, we repaid $250 million in long term debt, and our total debt balance is now $529 million. Aggressive management of inventories and expenses helped conserve cash and improve margins. We will maintain the same approach toward spending as we manage throughout 2010."
Mr. Card concluded: "For 2010, we are encouraged by trends in the retail market as supply and demand have come into balance. Additionally, we believe that our retail partners will be able to more accurately plan for the future as market visibility increases. As always, we will continue to take the necessary actions to achieve improved performance, increase our market share and enhance shareholder value."
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 26, 2010, for payment on March 12, 2010.
Cash provided by continuing operating activities during 2009 was $349 million, an improvement of $173 million when compared with 2008. The improvement in cash flow was largely driven by inventory control, lower working capital requirements and the timing of certain cash receipts and payments. The Company has no amounts drawn under its $650 million of committed revolving credit facilities.
John T. McClain, Jones Apparel Group Chief Financial Officer, commented: "Our financial position continues to be strong, ending the quarter with $333 million in cash, and our revolver remains undrawn. During the year, we repaid $250 million in long term debt, and our total debt balance is now $529 million. Aggressive management of inventories and expenses helped conserve cash and improve margins. We will maintain the same approach toward spending as we manage throughout 2010."
Mr. Card concluded: "For 2010, we are encouraged by trends in the retail market as supply and demand have come into balance. Additionally, we believe that our retail partners will be able to more accurately plan for the future as market visibility increases. As always, we will continue to take the necessary actions to achieve improved performance, increase our market share and enhance shareholder value."
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 26, 2010, for payment on March 12, 2010.
Jones Apparel Group Inc
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