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Article: Jones Apparel Group Reports 28 Percent Drop in Third-Quarter Profit.
- Article from:
- The Philadelphia Inquirer (Philadelphia, PA)
- Article date:
- October 29, 2003
CopyrightCOPYRIGHT 2003 The Philadelphia Inquirer. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Don Steinberg
Oct. 29--Bristol-based Jones Apparel Group Inc., which makes women's wear including Jones New York suits and Nine West shoes, said yesterday its third-quarter profit fell by 28 percent, compared with a year ago.
At 71 cents per share, earnings beat analysts' lowered expectations, and the company's shares rose 7 percent to $34.59.
The earnings decline came in part due to costs of dropping the Lauren by Ralph Lauren line, the company said. Exiting that business cost about $28 million in inventory and other write-downs in the quarter.
Jones's sales were down about 7 percent for the quarter at $1.18 billion, compared ...