Tax Reform in This Election Year: It's Not Likely
Which Credit Card Rewards Does the IRS Care About?Really, Jones Apparel Group Inc. (NYSE: JNY) could not have picked a better day to report fourth quarter earnings if it tried. When the government reports surprisingly strong retail sales for January, with clothes in particular up 1.4% during the month, that fact can only help a clothing retailer.
Jones, still executing its restructuring plan, said its fourth-quarter net loss narrowed to $89.8 million, or $1.06 per share, from $269.5 million, or $2.51 per share, last year. Without the gain on the sale of its high-end department-store chain, Barneys New York, and other costs, net income was nine cents per share, beating the seven cents per share analysts had been expecting.
Jones, which exited several lines during the quarter and along with the rest of the market suffered from weak holiday shopping season, posted a 17% decline in revenue to $838.5 million from $1.01 billion last year. Analysts expected revenue of $874.8 million. To get a better feel for the retailer's performance during the quarter, same-store sales fell 4.8%.
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