Jones Apparel Group's apparel & sportswear perform better in Q2
29 Jul '05
6 min read
Card added, "The accounts receivable at the end of the second quarter was $509.2 million, compared to $451.6 million at the end of the prior year period. Exclusive of Maxwell Shoe and Barneys New York receivables, which were acquired during the third and fourth quarters of 2004, respectively, accounts receivable increased $2.0 million, or 0.4 percent. Inventory at the end of the second quarter totaled $661.7 million, compared to $592.8 million at the end of the prior year period.
Excluding acquisitions, inventory at the end of the second quarter 2005 totaled $583.1 million, a 1.6 percent decrease from the year- earlier period. They ended the quarter with $1,272.2 million of funded debt and, net of $35.3 million cash on hand, our net debt to book capitalization ratio was 32.0 percent, in line with our expectations. During the quarter, they repurchased approximately 3.54 million shares of common stock in the open market at an aggregate cost of $112.4 million, or $31.78 per share."
The Board of Directors approved a 20 percent increase in the quarterly cash dividend from $0.10 per share to $0.12 per share, which is available to all common stockholders of record as of August 12, 2005 for payment on August 26, 2005.
Outlook and Strategic Operating Review
The Company is reducing its expected 2005 full year revenues to a range of $5.0 to $5.1 billion. The Company also indicated its projected earnings per share on an adjusted basis, excludingrestructuring costs and manufacturing inefficiencies, are forecasted to equal or exceed the $2.39 earnings per share reported for 2004.
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