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Jones Apparel reports 2006 Q4 & full year financial results

19 Feb '07

2 min read

Jones Apparel Group Inc reported 2006 revenues for the fourth quarter of $1,212.5 million, a decrease of $8.5 million versus $1,221.0 million for the fourth quarter of 2005. The decrease was attributable to the loss of the Polo Jeans Company business which contributed approximately $67.0 million in the prior year period and was partially offset by growth in the core businesses.

For the 2006 full year, revenues were $4,742.8 million, a decrease of $331.4 million versus $5,074.2 million for the 2005 full year. The decrease was primarily attributable to the loss of the Polo Jeans Company business which contributed approximately $302.2 million in the prior year period.

2006 losses per share for the fourth quarter and full year were ($2.51) and ($1.30), respectively. Excluding expenses associated with the Company's ongoing strategic operating review, the previously announced non-cash charges for the impairment of goodwill and trademarks, an $8.8 million adjustment for a non-recurring item identified during the implementation of a new enterprise resource planning system, and certain other items, adjusted earnings per share were $0.53 and $2.28 for the fourth quarter and full year 2006, respectively.

Additionally, as previously announced, these results include an approximate $8.6 million reversal of income tax accruals resulting from the favorable resolution of federal and state income tax audits.

Peter Boneparth, Chief Executive Officer, stated, "During the fourth quarter, we continued to execute well against our strategic plan to improve operations, reduce costs and strengthen the overall performance of our apparel, footwear, and accessories across brands.

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