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CORRECT: Jones Group Swings To 1Q Loss; Profit Excluding Items Beats Expectations

("Jones Group Swings To 1Q Loss; Profit Excluding Items Beats Expectations," published at 9:04 a.m. EDT, incorrectly used a figure for net sales instead of total revenue, which is comparable to analysts' estimates, in the fifth paragraph. The correct version follows:) By Karen Talley Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- Jones Group Inc. (JNY) swung to a small fiscal first-quarter loss, but excluding costs for acquisition, restructuring and severance charges, it posted a much-better-than expected profit, aided by the earlier Easter and warmer temperatures. Shares rose 6.2% to $13 premarket. Jeanswear, shoes and accessories did particularly well, while traditional sportswear "remained more challenging and promotional," Chief Executive Wesley Card said. Card also voiced some caution, saying that while generally encouraged by signs of greater consumer confidence, "the economic environment still contains mixed signals and consumer spending is unpredictable." Jones posted a loss of $1.2 million, or 1 cent a share, compared with a year-earlier profit of $25.7 million, or 30 cents a share. Excluding costs for acquisitions, closing some stores and restructuring, the company posted earnings per share of 31 cents, down from 38 cents a year earlier. Net sales slipped 2.6% to $936 million. Analysts polled by Thomson Reuters expected 14 cents a share on $937.3 million of sales. To try and better position for the uncertain environment, Jones Group has made major enhancements to its fall offerings, especially its sportswear product lines, Card said. Jones makes apparel and accessories under names including Nine West, Anne Klein and Jones New York. Jones, whose brands are sold by retailers ranging from Saks Inc. (SKS) to Wal-Mart Stores Inc. (WMT) has been keen to diversify into the high-end market, last year acquiring luxury shoe retailer Kurt Geiger. The company finished the quarter with $147 million in cash and its revolving credit line undrawn. "Our approach to inventory commitments continues to be conservative," Chief Financial Officer John McClain said. -By Karen Talley, Dow Jones Newswires; 212-416-2196; karen.talley@dowjones.com

Stock News for Saks (SKS)
DateTimeHeadline
10/30/201308:21:48Jones Group 3rd-Quarter Up 68% on Lower Expenses, Revenue Slips
10/09/201308:40:10Saks CEO Sadove to Join J.C. Penney Board
09/17/201309:13:03U.S. Hot Stock Futures: Hot Stocks to Watch
08/19/201309:17:48U.S. HOT STOCK FUTURES: HOT STOCKS TO WATCH
07/29/201320:50:41Fitch, Moody's Mull Saks Downgrade
07/29/201316:41:06MARKET SNAPSHOT: U.S. Stocks Drop As Investors Await Fed, Data
07/29/201314:21:53MARKET SNAPSHOT: U.S. Stocks Drop As Investors Await Fed
07/29/201311:12:07MARKET SNAPSHOT: Stocks Drop After Home Data; Investors Await...
07/29/201310:13:46MARKET SNAPSHOT: Stocks Open Lower As Investors Await Data, Fed
06/24/201312:30:10Hudson's Bay a Potential Suitor for Saks
05/30/201316:50:19Neiman Owners Rebuffed Overture for Saks Merger
05/24/201317:15:12Visa, MasterCard Strike Back at Swipe-Fee Settlement Foes
05/23/201315:46:19Target, Macy's and Others Sue Visa and MasterCard Over Fees
05/21/201316:59:23Saks Hires Goldman Sachs to Explore Possible Sale -NY Post
05/17/201316:09:47WEEK AHEAD: Home Depot, Lowe's, Best Buy, Housing Data in Spotlight
04/11/201318:08:01Correction to Retailers Deliver Chilly Same-Store Sales Results...
03/01/201312:28:25Retailers, Consumers Are Facing Difficult Times
02/20/201312:49:33Higher Payroll Taxes Seen Having Subtle Impact on Retail Sector
02/08/201312:32:43Storm to Spawn Mixed Results for Retailers, Restaurants
01/18/201315:05:57Made in America' Becomes More Fashionable With Luxury Brands

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