News Flash

Jones Apparel biz performs in line with expectations for Q3

31 Oct '07

3 min read

Jones Apparel Group Inc reported results for the third quarter ended October 6, 2007. Revenues for the third quarter of 2007 totaled $1,028 million versus revenues of $1,078 million for the third quarter of 2006.

The Company reported earnings per share of $3.97 for the third quarter of 2007, as compared to earnings per share of $0.56 in the same period last year. Excluding the effects of the sale of our Barneys retail operations and its related results, the impact of severance and other expenses related to restructuring activities and certain other charges, adjusted earnings per share from continuing operations for the third quarter of 2007 were $0.51, as compared with $0.59 for the same period last year, as detailed in the accompanying schedule.

Wesley R. Card, President and Chief Executive Officer, stated, "Despite the continued challenges in the retail environment throughout the third quarter, which were primarily due to the unseasonably warm weather and economic conditions affecting our target consumer, our businesses performed in line with our expectations for the period.

Consistent with the overall retail climate, our company-owned retail stores continued to trend negatively during the third quarter as comparable store sales were down 8.7% for the period, even as we began to implement our turnaround efforts."

John T. McClain, Chief Financial Officer, commented, "Our financial position remains strong. We ended the quarter with $783 million of total debt and, net of $109 million cash on hand, our debt to total capitalization ratio was 24.3%, in line with our expectations.

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