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The Company reported adjusted earnings per share ("EPS") of $0.02 for the second quarter of 2013, as compared with adjusted EPS of $0.22 for the same period last year.
The adjusted results exclude charges related to the impairments of certain intangible assets, the impact of severance and other costs related to restructuring activities, certain acquisition-related costs and other costs not considered relevant for period-over-period comparisons.
As reported under generally accepted accounting principles ("GAAP"), the Company reported a ($0.05) loss per share in the second quarter in 2013 and earnings per share of $0.10 in 2012. The 2013 and the 2012 second quarter results include, among other things, costs and charges of $7 million ($5 million after tax) and $15 million ($9 million after tax), respectively, relating to the planned closure of certain Company-operated retail stores, restructuring and other cost saving initiatives.
Wesley R. Card, The Jones Group Chief Executive Officer, stated: "Second quarter revenues were in line with our expectations, with the Jeanswear segment registering the largest improvement in operating results, as those product lines continue to perform well. The International Wholesale segment also showed improved operating results, led by the Nine West and Stuart Weitzman international businesses.
"For other areas of the business, the weather impacted seasonal product sales, which generated higher promotional levels. As a result, second quarter gross margins were approximately 260 basis points below last year. We anticipate we will achieve improved performance in fall 2013 with our new and refocused sportswear product offerings."
The Company ended the quarter with $81 million in cash and generated cash from operating activities during the six months of $2 million, compared with $124 million in the prior year period. The current year results reflect a higher level of required investment in working capital, higher tax and interest payments and lower earnings. At July 6, 2013, the Company had no amounts drawn under its $650 million of committed revolving credit facilities.
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