This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Jones Apparel Downsizes, Narrows Loss

(Jones Apparel article updated with stock price movement.)

Jones is spiking 5.2% in morning trading to $16.12.

NEW YORK ( TheStreet)- Jones Apparel (JNY) narrowed its loss in the fourth quarter, thanks to the discontinuation of weak brands and the closing of underperforming stores -- otherwise known as downsizing.

During the quarter, Jones Apparel, which owns Nine West and Anne Klein among other brands, recorded a loss of $124.9 million, or $1.53 a share, compared with a loss of $804.9 million, or $9.86, in the year-ago period.

Excluding impairment and restructuring charges, earnings came in at 11 cents a share, in-line with analysts' estimates.

Revenue fell 8% to $777 million from $847 million last year, while same-store sales grew 2%.

"For 2010, we are encouraged by trends in the retail market as supply and demand have come into balance," the company said in a statement. "Additionally, we believe that our retail partners will be able to more accurately plan for the future as market visibility increases.

Jones has shuttered 100 stores so far in its downsizing, with plans to close another 165 stores by the end of the year.

-- Reported by Jeanine Poggi in New York.

Follow TheStreet.com on Twitter and become a fan on Facebook.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
JNY $14.99 0.20%
AAPL $130.28 0.00%
FB $81.53 0.00%
GOOG $565.06 0.00%
TSLA $218.42 0.00%

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs