Jones Apparel Group Inc has reported results for the fourth quarter and full year 2005.
The company revenues increased to $1,221 million for the fourth quarter ended December 31st 2005, from $1,082.9 million for the fourth quarter of 2004. Revenues for the full year 2005 increased to $5,074.2 million, from $4,649.7 million for the full year 2004.
Peter Boneparth, President and CEO said, "We were very pleased with our fourth quarter performance versus the prior year period. We realized better than expected results in our licensed businesses and our Gloria Vanderbilt moderate apparel business, as well as our luxury Barneys retail stores.”
“We noted improvement in the selling of our footwear products and were also satisfied with the performance of our apparel product lines. We were pleased with our Barneys luxury stores, which posted an 8.0 percent comparable store sales increase for the fourth quarter, bringing the full year comparable store sales increase to 10.8 percent. Our footwear and ready to wear stores posted a 2.8 percent comparable store sales increase for the fourth quarter, resulting in a 0.2 percent decrease for the full year," he added.
Wesley Card, Chief Operating & Financial Officer, said, "Our inventory levels at December 31, 2005 were $650 million, compared to $664.2 million at December 31, 2004. Our accounts receivable were $458.4 million at year-end, compared to $448.3 million at December 31, 2004. We generated full year operating cash flow of $427.4 million and our debt to total capitalization ratio at December 31, 2005 was 30.1 percent. As of December 31, we had $129.5 million of short-term borrowings and $273.4 million of outstanding letters of credit against $1.75 billion of committed bank lines, allowing us continued significant financial flexibility."
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