Jones Apparel Group
(JNY)
reported fourth-quarter earnings today that met Wall Street's expectations. The company also projected 2001 earnings that were line with analysts' forecasts.
For the period ending Dec. 31, Jones Apparel earned $64 million, or 52 cents a share, excluding adjustments, compared with $27 million, or 40 cents a share, in the year-ago period. Eighteen analysts from
First Call/Thomson Financial
expected the company to report earnings of 52 cents a share.
Bristol, Pa.-based Jones Apparel, which designs women's clothing under brand names such as
Jones New York
,
Evan-Picone
and
Rena Rowan
, posted fourth-quarter revenue of $962 million, up 5% from $915 million in the year-ago period.
The company estimates 2001 earnings per share will range from $2.93 to $3, excluding adjustments. According to First Call/Thomson Financial, 18 analysts expect the company to earn $2.96 a share for the full year.
Jones Apparel also anticipates 2001 revenue of $4.125 billion to $4.275 billion and a revenue increase of 7% to 11% on continuing businesses. These projections have been adjusted to reflect the sale of the
Nine West United Kingdom
retail operation, which accounted for $166 million in net sales in 2000.
Shares of Jones Apparel, fell 75 cents, or 1.9%, to $38.15 in recent
New York Stock Exchange
trading.
