(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.
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