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Jones Apparel Q4 results in line with guidance
11 Feb '09
4 min read
The following notable events have recently occurred:
• amended the terms and conditions of the credit facilities that were to mature in 2009 and 2010 to enhance financial flexibility;
• elected two independent directors to the Board, Robert L. Mettler and Margaret H. Georgiadis;
• announced Nine West Vintage America Collection, which will launch in Fall 2009 and feature an assortment of casual chic footwear, accessories and denim;
• announced l.e.i. sundresses by Taylor Swift, which will be available at Walmart stores nationwide in February 2009; and
• launched "JNY Style Miles," a new program featuring Lloyd Boston to help women maximize their wardrobes.
John T. McClain, Jones Apparel Group Chief Financial Officer, commented: "We ended the quarter with $338 million in cash, an increase of $35 million compared with last year. Our revolver is undrawn, and our total debt balances remain unchanged at approximately $780 million. As we look to 2009, we will maintain a conservative approach to cash management through cautious inventory purchases and controlled spending."
Mr. Card concluded: "We will continue to take decisive and proactive actions to enable us to improve performance and enhance value for all stakeholders. Through disciplined and careful management of working capital, a significant slowing of capital expenditures, and vigilant control of expenses and overhead, we will maintain the strength of our business during this difficult time and emerge as a stronger and leaner Company when the economy rights itself. As always, we remain focused on maintaining excellent customer relationships and carefully investing in new projects to promote our core brands, which will enable us to increase market share and drive profitability."
• amended the terms and conditions of the credit facilities that were to mature in 2009 and 2010 to enhance financial flexibility;
• elected two independent directors to the Board, Robert L. Mettler and Margaret H. Georgiadis;
• announced Nine West Vintage America Collection, which will launch in Fall 2009 and feature an assortment of casual chic footwear, accessories and denim;
• announced l.e.i. sundresses by Taylor Swift, which will be available at Walmart stores nationwide in February 2009; and
• launched "JNY Style Miles," a new program featuring Lloyd Boston to help women maximize their wardrobes.
John T. McClain, Jones Apparel Group Chief Financial Officer, commented: "We ended the quarter with $338 million in cash, an increase of $35 million compared with last year. Our revolver is undrawn, and our total debt balances remain unchanged at approximately $780 million. As we look to 2009, we will maintain a conservative approach to cash management through cautious inventory purchases and controlled spending."
Mr. Card concluded: "We will continue to take decisive and proactive actions to enable us to improve performance and enhance value for all stakeholders. Through disciplined and careful management of working capital, a significant slowing of capital expenditures, and vigilant control of expenses and overhead, we will maintain the strength of our business during this difficult time and emerge as a stronger and leaner Company when the economy rights itself. As always, we remain focused on maintaining excellent customer relationships and carefully investing in new projects to promote our core brands, which will enable us to increase market share and drive profitability."
Jones Apparel Group Inc
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