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Jones Apparel Q2 revenue totaled $904 million

02 Aug '07

4 min read

Jones Apparel Group Inc reported results for the second quarter ended July 7, 2007. Revenues for the second quarter of 2007 totaled $904 million versus revenues of $924 million for the second quarter of 2006.

The Company reported a loss per share of $0.44 for the second quarter of 2007, as compared to earnings per share of $0.32 in the same period last year.

Excluding results of our discontinued operations, the impact of severance and other expenses related to restructuring activities and the strategic review of operations and certain other charges, adjusted earnings per share from continuing operations for the second quarter of 2007 were $0.17, as compared with $0.39 for the same period last year, as detailed in the accompanying schedule.

Wesley R. Card, President and Chief Executive Officer, stated, "Several of our businesses, including brands in our Denim, Sportswear, Better Apparel and Wholesale Footwear and Accessories businesses performed well during the quarter, as expected, reflecting the strength of our core Jones New York, Nine West and Anne Klein brands."

"The negative sales trend, however, in the overall retail environment in the second quarter heavily impacted our results. Further affecting results were our company-owned retail stores, which continued to trend negatively throughout the second quarter as comparable store sales were down 8.0% for the period, with heavy promotional selling to clear excess inventory."

"Our wholesale businesses, although overall positive performers, were also impacted by the softening retail atmosphere and required us to provide higher than planned markdown support to our retail partners in the quarter."

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