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Jones Apparel Q1 results in line with expectations

Apr '08
Jones Apparel Group Inc reported results for the first quarter ended April 5, 2008. Revenues for the first quarter of 2008 totaled $975 million versus revenues of $1,079 million for the first quarter of 2007.

The year over year change includes the approximate $100 million decrease related to the planned exit from certain moderate sportswear lines, which was substantially complete by December 31, 2007.

The Company reported earnings per share of $0.23 for the quarter, as compared with earnings per share of $0.44 in the same period last year.

Excluding the effects of the sale of Barneys New York, which was completed in September 2007, and its related results, the impact of severance and other expenses related to the Company's strategic restructuring activities and certain other charges, adjusted earnings per share from continuing operations for the first quarter of 2008 were $0.37, as compared with $0.46 for the same period last year (as detailed in the accompanying schedule).

Wesley R. Card, Jones Apparel Group President and Chief Executive Officer, stated, "While first quarter results were in line with our expectations, we believe there is enhanced value to be realized in our businesses as we continue to pursue our operational improvements, enhance the overall appeal of our brands and pursue varied distribution channels.

Results for the quarter reflect a continued challenging economic and retail environment, as well as a tough comparable quarter, with comparable store sales in our own stores down 8.7% for the quarter compared to 2007.

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