Jones Apparel Group today (30 April) reported a 59% slump in first quarter profit and lowered its outlook for the year on lower demand from some of its retail customers.

The company, whose brands include Jones New York, Nine West and Anne Klein said net income in the three months to 5 April dropped to $19.5m, or $0.23 per share, from $47.8m, or $0.44 in the same period last year.

Adjusted earnings per share, excluding the sale of Barneys New York and other restructuring activities, dropped to $0.37 from $0.46 last year.

Quarterly revenues fell 9.6% to $975.4m from $1,079m last year. Around $100m in sales was lost from by the company's exit from certain moderate sportswear lines.

Same-store sales in the company's own stores were down 8.7% for the quarter year-on-year.

Wesley R Card, Jones Apparel group president and CEO, said: "Results for the quarter reflect a continued challenging economic and retail environment, as well as a tough comparable quarter."

He also said that despite tighter inventory controls, the company's retail partners have asked for more markdown support.

"Our retail operations continued to trend negatively consistent with the overall retail climate," he said.

Jones Apparel lowered its full-year earnings per share forecast to a range of $1.20 to $1.35. This compares with $1.26 per share in 2007.