US: Jones Apparel narrows loss as margins improve
- FY sales fell 8%
- Net loss down 11%
- Low consumer confidence and spending levels
US clothing and footwear firm Jones Apparel Group has narrowed its full-year losses as improved efficiencies offset lower consumer spending.
For the fourth quarter, the company's loss was US$130.3m, compared to loss of $822.9 in the same period last year.
Its full-year loss stood at $86.3m, down from a loss of $765.4m the year before.
Annual revenues fell 8% to $3,327m, while sales for the fourth quarter were down 8.2% to $777m, from $847m last time.
Wesley R Card, Jones Apparel Group chief executive officer, said: "We are encouraged by the strength of our brands and retail partnerships as we look ahead to 2010.
"We have focused on revitalising our core brands and organisational structure and have enhanced our product offerings by acquiring new brands and developing new partnerships.
"We also streamlined our supply chain and distribution networks and closed marginally profitable businesses.
"Our retail improvement plan is showing positive results. We have already closed approximately 100 retail locations, with an additional 165 locations to close in 2010."
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