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April 26, 2006
Jones' Q1 Profit Falls 70%
Jones Apparel Group’s first-quarter profit dropped 70 percent on revenue that dipped nearly 10 percent, yet the company managed to beat expectations.
The declines were pinned largely on one-time charges and the company’s sale of Polo Jeans Co.
Jones still managed to rake in income of $25.8 million, or 22 cents a share, on revenue of $1.22 billion.
Excluding the one-time charges, Jones earned 66 cents a share, beating analyst estimates by 13 cents a share.
The results come amid speculation over who may possibly bid for Jones. The retail giant put itself on the block last month and its rumored suitors include private equity firms Texas Pacific Group and Cerberus Capital Management. The company is said to be weighing its options.
Posted by Blacks on April 26, 2006 12:25 PM
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