Jones Group Q4 loss widens, but revenue beats Street
New York -- The Jones Group Inc. reported a loss of $80.3 million for the three months through Dec. 31, compared with a loss of $21.1 million a year earlier. The company said that marking down the value of some assets widened its loss.
Revenue for the fourth quarter rose 8.8% to $971.9 million, better than the $955.3 million Wall Street was expecting.
For the year, Jones Group lost $56.1 million, versus a profit of $50.7 million in 2011. Annual revenue rose to $3.8 billion from $3.79 billion.
"Our financial position remains strong, said John T. McClain, CFO, Jones Group. “We ended the year with $150 million in cash and our revolver undrawn. We are approaching our 2013 inventory commitments with conservatism, consistent with 2012. With a continued focus on inventory management, expense control, and operational efficiencies, we believe we will continue to improve margins and maintain a strong balance sheet."