US: Jones Group Q4 loss widens despite rising sales
- Q4 loss widens to $80.1m
- Revenue up 8.7% to $972m
- Company CEO was "pleased" with results
US apparel and footwear business The Jones Group has seen its fourth-quarter and full-year losses widen despite increasing sales.
The New York-based company said its net loss deepened to US$80.1m for the quarter to 31 December, compared to a $20.9m loss the same period the year before.
Excluding impairment charges, as well as costs related to restructuring and acquisitions, adjusted earnings per share increased to $0.14, up from $0.10 a year earlier.
Meanwhile, revenue increased 8.7% to $972m from $894m the prior year.
CEO Wesley Card said: "We are pleased with the results we achieved in the fourth quarter and particularly, the improvement in our operating performance.
"Our domestic wholesale footwear and accessories and jeans wear businesses were our best performers, while our structured sportswear business and retail channels remained more challenging and promotional, although we are encouraged with our overall turnaround efforts in these segments.
"Our international segments continued to perform quite well, especially in the face of a difficult economic climate, particularly in Western Europe," he added.
For the full-year, the Jones Group posted a net loss of $55m, compared to a $51.5m profit the prior year. Revenue, however, edged up 0.3% to $3.80bn from $3.79bn last year.
"We are committed to enhancing profitability and continue to operate efficiently, control costs and execute at a high level. We believe our new approach to brand management and creative design talent will advance the reinvigoration of our core brands.
"At the same time, we are concentrating our efforts on the areas we believe offer the greatest opportunity for revenue growth - upscale and contemporary brands and international," Card added.
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