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Jones Apparel Group reports Q3 2006 financial results

Oct '06
Jones Apparel Group Inc reported results for the third quarter ended September 30, 2006. Revenues totaled $1,241.0 million versus $1,327.5 million for the third 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 $78.4 million in revenues during the prior year comparable period. Excluding Polo Jeans Company, the prior year revenues were $1,249.1 million.

Earnings per share were $0.56 for the third quarter of 2006, as compared to $0.65 in the same period last year. Excluding the impact of severance and other expenses related to the strategic operating initiatives, adjusted earnings per share for the third quarter of 2006 versus the prior year comparable period was $0.63 and $0.76, respectively, as detailed in the accompanying schedule.

Included in the prior year period results were two items that were recorded as reductions of Selling, General and Administrative expenses: (i) $5.1 million from Saks Incorporated related to pre-acquisition issues involving our Anne Klein business, and (ii) $5.2 million from a landlord repurchase of a Nine West retail store operating lease. In addition, Polo Jeans Company contributed $12.3 million in operating profit during the prior year period.

Peter Boneparth, President and Chief Executive Officer, stated, "Our adjusted third quarter results were better than we had anticipated, primarily due to the continuation of similar trends that we experienced during the first half of the year."

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