US: Jones Group narrows Q4 losses
- Q4 net loss narrows to US$47.1m
- Margins at 4%
- Net sales drop 8.5%
Jones says its financial position remains strong
US clothing and footwear company The Jones Group said its financial position remains strong after narrowing its losses in the fourth quarter.
In the three months to the end of December, the retail group posted a net loss of US$47.1m. This compared to a loss of $80.1m in the year ago period.
Margins also improved, to 4% in the quarter from 3.2% in the comparable period last year.
Sales, however, dropped 8.5% to $889m versus $972m for the fourth quarter of 2012. Jones said its sportswear business in particular remained more "challenging and promotional" in the period.
"Our financial position remains strong," said CFO John McClain. "We ended the year with $116m in cash and our revolver undrawn. We are continuing to focus on inventory management, expense control, and operational efficiencies and believe we will continue to improve margins and maintain a strong balance sheet.
"We continue to take definitive actions to enhance profitability and are encouraged by the impact of these initiatives. We believe our approach to brand management and focus on our core brands will prove beneficial to future results."
- VF Corp confirms interest in Africa sourcing
- Euro decline weighs on Turkish clothing industry
- G-Star RAW pushes the boundaries of denim
- Will Amazon take over the US apparel market?
- US groups seek workable apparel provisions in TPP
- Metallised thread for "revolutionary" RFID tag
- UK retailers to answer over human trafficking
- Manufacturing in China falls to 15-month low
- LF Corp to streamline planning and sourcing
- VF Corp ups guidance on "strong" Q2
- Ethiopia – the emerging textile and clothing industry
- Global Database of the Top 1000 Apparel Producers - Company Names, Financial Performance, and Contact Details
- Management briefing: Factory safety and auditing: The key challenges
- Global market review of workwear - forecasts to 2019
- Sustainable Textiles for Apparel: Fact, Fiction and Future Prospects