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Jones Apparel Group Q2 profits drop

26
Jul '06
Jones Apparel Group Inc reported results for the second quarter ended July 1, 2006.

Revenues totaled $1,074.1 million versus $1,176.4 million for the second quarter of 2005. The decrease in revenues was primarily attributable to the sale of the Polo Jeans Company business during the first quarter of 2006. Polo Jeans Company contributed $69.3 million in revenues during the prior year comparable period.

Earnings per share were $0.32 for the second quarter of 2006, as compared to $0.46 in the same period last year. Excluding the impact of severance and other expenses related to the strategic operating initiatives, and expenses relating to the settlement of litigation concerning a license agreement, adjusted earnings per share for the second quarter of 2006 versus the prior year comparable period was $0.45 and $0.48, respectively, as detailed in the accompanying schedule.

Peter Boneparth, President and CEO, stated, "Our adjusted second quarter results were stronger than we had anticipated, primarily due to the continuation of similar trends that we experienced during the first quarter. The better wholesale apparel business expanded its operating profit margin by over 200 basis points, benefiting from improved gross margins and lower operating expenses versus the year ago period. Additionally, our collective moderate apparel business maintained its operating margin on a year-over-year basis and exceeded plan. While the operating margin performance of the wholesale footwear business was basically even with the prior year period, challenges within our handbag and costume jewelry businesses combined to have a negative overall effect on the business segment. Comparable store sales from our owned footwear and ready-to-wear stores (excluding Barneys New York) were down 0.8%. We were very pleased with the performance of our Barneys New York luxury retail business, which generated a comparable store sales increase of 8.9% in the quarter as it continues to exceed our expectations."


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