The Jones Group Inc.,(JNY), a wholesaler of apparel and accessories, Wednesday reported a profit for the first quarter, a reverse from the loss it recorded during the comparable quarter last year. On an adjusted basis, earnings declined.
For the quarter, the company recorded earnings of $0.5 million or $0.01 per share, compared with the loss of $1.2 million or $0.01 per share during the corresponding quarter last year. The earnings for this quarter included charges of $17 million relating to the planned closure of certain Company-operated retail stores, restructuring, acquisitions, and other cost saving initiatives.
Excluding charges, the firm reported earnings of $0.15 per share for the quarter.
On average, four analysts polled by Thomson Reuters expected earnings per share of $0.25 for the quarter. Analysts' estimates typically exclude one-time items.
The company generated revenues of $1 billion, compared with $936 million reported during same quarter prior year. Analysts estimated the company to report revenues of $997.43 million.
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