Home / Knowledge / News / Apparel/Garments / Q4 revenues lower than expected at Jones

Q4 revenues lower than expected at Jones

09
Feb '12
The Jones Group Inc reported results for the fourth quarter and year ended December 31, 2011. Revenues for the fourth quarter of 2011 were $894 million, as compared with $874 million for the fourth quarter of 2010. Revenues for the full year 2011 were $3,785 million, as compared with $3,643 million for the full year 2010.

The Company reported adjusted earnings per share ("EPS") of $0.10 for the fourth quarter of 2011, as compared with adjusted earnings per share of $0.04 for the same period last year. The 2011 fourth quarter results include certain tax benefits of $0.07 per share. Adjusted earnings per share from continuing operations on a full year basis were $1.30 in 2011 as compared with $1.51 per share in the prior year.

Wesley R. Card, The Jones Group Chief Executive Officer, stated: "Fourth quarter revenues were lower than expected due to the highly promotional retail environment and a slowdown in replenishment orders. Our gross margins were much improved due to the inclusion of the Kurt Geiger business and an improvement in our core businesses, which generated a modest improvement in operating income."

Cash provided by operating activities during 2011 was $272 million, compared with $141 million in 2010. The current year results reflect a lower level of required investment in working capital and lower tax payments, somewhat offset by slightly lower earnings. The Company had $239 million in cash and no amounts drawn under its $650 million of committed revolving credit facilities.

John T. McClain, The Jones Group Chief Financial Officer, commented: "Our financial position remains strong. We ended the year with $239 million in cash and our revolver undrawn. We are approaching our 2012 inventory commitments with a conservative, tightened buy plan, which is the same approach we had in 2011. With a focus on inventory management, expense control, and operational efficiencies, we believe we will continue to improve margins and maintain a strong balance sheet."

Mr. Card concluded: "We are committed to driving profitability and continue to operate efficiently, control costs and execute at a high level. At the same time, we are concentrating our efforts on the areas we believe offer the greatest opportunity for revenue growth - upscale and contemporary brands, international and our traditional core brands. We believe our new brand management approach and creative design talents, including the addition of Stefani Greenfield, as Chief Creative Officer, will advance the reinvigoration of our core brands."

The Jones Group Inc


Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 21st Feb 2020

France unveils environment score system for apparel

France has launched a system under which apparel may now display a...

Pic: Asia Pacific Rayon

Textiles | On 21st Feb 2020

APR’s new viscose rayon production facility inaugurated

The president of Indonesia, Joko Widodo, has inaugurated Indonesia's...

Pic: II.studio / Shutterstock.com

Fashion | On 21st Feb 2020

Re-commerce gaining momentum in India

The hazards of fashion industry are well-known, and to curb its...

Interviews View All

Sonia Agarwal, Whitenife

Sonia Agarwal
Whitenife

‘The terms eco-friendly and organic are common but everyone perceives them ...

Milind Khandwe, Hindoostan Innovation Centre

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Top executives, Textile industry

Top executives
Textile industry

Union budget 2018-19 will have positive impact on apparel industry

Ramez Basmaji,

Ramez Basmaji

Fabusse is a Lebanon-based fashion agency that offers a variety of...

Shyam Gupta & Ravi Gupta,

Shyam Gupta & Ravi Gupta

Based out of South Delhi, Gargee Designer's provides bespoke formal and...

Ravi Kant Prakash,

Ravi Kant Prakash

A crucial role in the process of fabric manufacturing is played by the...

Mary-Cathryn Kolb, Brrr°

Mary-Cathryn Kolb
Brrr°

Atlanta-based private start-up Brrr° was founded in 2014 to develop...

Steve McCullough & Marco Weichert, Functional Fabric Fair & Design and Development GmbH Textile Consult respectively

Steve McCullough & Marco Weichert
Functional Fabric Fair & Design and Development GmbH Textile Consult respectively

Functional Fabric Fair is a trade-exclusive event showcasing the latest...

Tiasha Renganathan, Twinery Innovations by MAS

Tiasha Renganathan
Twinery Innovations by MAS

Twinery-Innovations by MAS is the innovation arm of Sri Lankan company MAS ...

Igor Chapurin, Chapurin

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Niti Singhal, Twee In One

Niti Singhal
Twee In One

Best known for convertible clothing, Indian brand Twee In One by designer...

Akta Adani, India Boulevard

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


February 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search