Jones Apparel Q3 net income up

Thu. October 29, 2009; Posted: 09:12 AM

Oct 29, 2009 (Datamonitor via COMTEX) -- JNY | Quote | Chart | News | PowerRating -- Jones Apparel Group has reported a net income attributable to the company of $30.4 million, or $0.36 per diluted share, for the third quarter ended October 3, 2009, compared to $27.3 million, or $0.33 per diluted share, for the third quarter of 2008.

For the third quarter of 2009, net sales were $843.9 million, down 11%, compared to $948.6 million for the same quarter of 2008.

For the first nine months of 2009, net sales were $2.52 billion, compared to $2.73 billion for the same period of 2008. Net income attributable to the company was $43.8 million, or $0.51 per diluted share, compared to $57.5 million, or $0.68 per diluted share, for the same period of 2008.

John McClain, Jones Apparel Group's CFO, said: "Our balance sheet, liquidity and cash flow remain strong. We ended the quarter with over $155 million of cash, and our revolver remains undrawn. Our total debt balance is $537 million, $245 million less than a year ago, and our debt to total capitalization ratio, net of cash, is 23.7%. As a result of our aggressive management, inventories and expenses continue to be well controlled, with inventories down 24% compared with the prior year."

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For full details on Jones Apparel Group Inc (JNY) click here. Jones Apparel Group Inc (JNY) has Short Term PowerRatings of 6. Details on Jones Apparel Group Inc (JNY) Short Term PowerRatings is available at This Link.

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