NEW YORK — Jones Apparel Group on Wednesday licked the wounds of its simmering dispute with Polo Ralph Lauren and came back to report a 64.9 percent increase in fourth-quarter net income.

Observers of the licensor and licensee were still struggling to digest the meaning and likely outcome of the battle between Jones and Polo, first disclosed on Tuesday, in which Polo has said it wants the Lauren license, which accounts for about 12.5 percent of Jones’ overall revenues, or about $548 million in 2002.

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