US: Jones Apparel swings to $269.5m Q4 loss
Clothing maker Jones Apparel has posted a fourth-quarter loss, which it blamed on unusual expenses and charges plus the exit from Polo Jeans.
Quarterly loss totalled US$269.5m compared with a year-ago profit of $55.7m, while revenue was down to $1.21bn from $1.22bn previously.
Same-store sales, excluding Barneys New York, slipped 1.3%.
The sales decrease was primarily because of the loss of the Polo Jeans Company business, which contributed about $302.2m in the prior-year period.
The loss, meanwhile, included $441.2m in goodwill impairment and $50.2m in trademark impairment, as well as other one-off items.
CEO Peter Boneparth said: "…we continued to execute well against our strategic plan to improve operations, reduce costs and strengthen the overall performance of our apparel, footwear, and accessories across brands".
During the full year, net loss was $144.1m, down from $274.3m the year before. Full-year revenue was $4.74bn, down from $5.07bn in 2005.
Jones also predicted that 2007 earnings will rise 10%.
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Jones Apparel Group has signed an amended definitive stock purchase agreement to sell its Barneys New York subsidiary to Dubai-based Istithmar for US$942.3m....
Fast Retailing has today (6 August) ammended its bid to acquire Barneys New York from Jones Apparel to US$950m in cash, after a rival $900m bid was submitted by Istithmar....
Jones Apparel Group has reported a second quarter net loss of US$47.1m for the second quarter period, as the company prepares to offload its Barneys New York chain. Same-store sales fell 8%....
Japan's Fast Retailing group has moved forward with plans to buy Barneys New York from Jones Apparel Group for US$900m in cash, submitting a definitive proposal to acquire the luxury chain....
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