Jones Apparel Profit Up 11% Wednesday, October 28, 10:47 AM ET
Jones Apparel (NYSE:$JNY) blew past analyst estimates today with earnings of $30.4 million, or 36 cents per share, 11 percent higher than earnings of $27.3 million, or 33 cents per share, in the same quarter last year.
Adjusted earnings totaled 46 cents per share.
Revenue dropped 11 percent, to $855.7 million, but inventory control as well as store closings have helped the company keep costs down. Jones Apparel said it has an additional 265 store closings to put into effect this year and next, in addition to 69 closures already complete.
Jones’ good news is in contrast to news from retailers like VF Corp (NYSE:$VFC) and Limited Brands (NYSE:$LTD) that led retails stocks lower yesterday.
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