NEW YORK — Jones Apparel Group on Wednesday posted losses in both the fourth quarter and the 2006 full-year period, attributable in part to previously announced non-cash charges, but the bright spot is still Barneys New York as it continues to...
NEW YORK — Jones Apparel Group on Wednesday posted losses in both the fourth quarter and the 2006 full-year period, attributable in part to previously announced non-cash charges, but the bright spot is still Barneys New York as it continues to exceed expectations.
For the three months ended Dec. 31, Jones reported a loss of $269.5 million, or $2.51 a share, versus income of $55.7 million, or 48 cents, in the same year-ago quarter. The non-cash charges were for the impairment of goodwill and trademarks. Total revenues dipped by 0.7 percent to $1.21 billion from $1.22 billion, which included a 1.1 percent drop in sales to $1.19 billlion from $1.20 billion last year. Its specialty chain Barneys posted a same-store sales gain of 11.2 percent in quarter.
For the year, the loss was $144.1 million, or $1.30 a diluted share,compared with income of $274.3 million, or $2.30, in 2005. Total revenues fell by 6.5 percent to $4.74 billion from $5.07 billion, which included a sales decline of 6.9 percent to $4.67 billion from $5.01 billion.
“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. We experienced an expansion in the adjusted operating profit margin in a number of our businesses. The wholesale better apparel business expanded its operating profit margin by 160 basis points, benefiting from improved gross margins and lower operating expenses versus the year ago period. Additionally, our denim businesses (which include Gloria Vanderbilt and l.e.i.) experienced an approximate 180 basis point operating margin expansion, and the moderate sportswear business achieved its planned operating margin target for the period,” said Peter Boneparth, chief executive officer, in a statement.
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