Jones Apparel Group posts $822.9M 4Q loss

NEW YORK - Apparel maker Jones Apparel Group Inc. said today that it posted a wider fourth-quarter loss because of hefty charges, higher promotions and a weak holiday season.

The company - whose brands include Jones New York, Nine West and Anne Klein - posted a loss of $822.9 million, or $10.08 per share, compared with a loss of $89.8 million, or $1.06 per share, a year earlier.

When adjusted, the company posted a 4 cent per share loss, excluding impairments of goodwill and trademarks in its footwear and accessories businesses, the impact of severance and other expenses related to restructuring activities, repositioning of the l.e.i. brand and certain other charges.

Revenue rose 1 percent to $846.9 million from $838.5 million.

Jones Apparel, which is based in New York, has some financial offices in Bristol, Bucks County.

Analysts polled by Thomson Reuters, who usually exclude onetime items from their estimates, predicted a 5 cent per share loss and revenue of $826.8 million.

"Consistent with the retail industry in general, our operating results were heavily impacted by the highly promotional climate and weak holiday season," chief executive Wesley R. Card said in a statement.

For all of 2008, the company swung to a loss of $765.4 million, or $9.23 per share, compared with a profit of $311.1 million, or $3.07 per share, in 2007.

Sales slipped to $3.62 billion from $3.85 billion a year ago.

Company shares were trading at $3.65, up 39 cents (11.96 percent), this morning on the New York Stock Exchange.