USA: Jones Apparel Posts Drop In Q4 Earnings
Clothing designer Jones Apparel Group Inc on Thursday posted a sharp fall in fourth quarter earnings as big discounts aimed at moving inventory in a difficult retail environment ate into profits.
The firm, whose brands include Polo West, Nine West and Jones New York, revealed net income fell to $31 million, or 25 cents per diluted share, from $63m, or 52 cents per share, in the year-ago period.
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