Jones Apparel 4Q adjusted profit may fall short

28.01.10

Jones Apparel Group said Thursday that fourth-quarter may fall short of expectations, sending shares down nearly 7 percent.

The economic downturn has pressured many retailers as consumers curb discretionary spending. Jones Apparel was able to cut costs by running fewer promotions during the crucial holiday selling period late in the year.

While satisfied with the business it did see during the holiday, the company said it remains cautious and that inventories are under tight control.

Jones Apparel sells brands such as Nine West, Jones New York, Anne Klein, Easy Spirit and Sam & Libby.

The retailer anticipates fourth-quarter adjusted earnings from continuing operations in a range of 8 to 11 cents per share. Jones' outlook excludes impairment and restructuring charges as well as other one-time items.

Analysts polled by Thomson Reuters, whose estimates generally remove one-time items, forecast a profit of 11 cents per share.

Shares fell $1.04 to $14.29 Thursday.

[ Via: BusinessWeek | Read more... ]

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