Branded apparal maker Jones Apparel Group, Inc. (JNY) Wednesday reported a narrower loss for the fourth quarter, as the company managed its inventory carefully which helped improve gross margins.
Net loss available to common shareholders for the fourth quarter narrowed to $124.9 million or $1.53 per share from $804.9 million or $9.86 per share in the year-ago period.
Adjusted profit for the period was $9.2 million or $0.11 per share compared with a loss of $3.2 million or $0.04 per share in the prior-year period. On average, seven analysts polled by Thomson Reuters expected the company to earn $0.11 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the fourth quarter decreased 8% to $777 million from $847 million in the comparable quarter last year. Five analysts were expecting revenues of $785.01 million for the quarter.
Comparable store sales for the period increased 2.0%. The company noted that it has already closed approximately 100 retail locations, with an additional 165 locations to close in 2010.
Gross profit for the period increased to $266.1 million from $ 249.9 million in the year-ago period. Gross profit margin increased 480 basis points to 34.3%, helped by careful inventory management. For the full year, the company reported a net loss of $83.1 million or $1.02 per share compared to a loss of $749.4 million or $9.04 per share last year.
Adjusted earnings per share from continuing operations were $1.14 compared to $0.87 per share in the prior year.
Revenues for the full year decreased to $3.33 billion from $3.62 billion last year.
The company also declared a regular quarterly cash dividend of $0.05 per share to all common stockholders of record as of February 26, 2010, for payment on March 12, 2010.
John McClain, Jones Apparel Group Chief Financial Officer said, "Aggressive management of inventories and expenses helped conserve cash and improve margins. We will maintain the same approach toward spending as we manage throughout 2010."
JNY is currently trading at $15.81 per share, up $0.49 or 3.20%on the NYSE.
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