Jones Apparel sells Polo Ralph Lauren brand for $355mn
23 Jan '06
3 min read
Wesley Card, Chief Operating and Financial Officer, added, "Unaudited 2005 net revenues for Polo Jeans Company approximated $300 million. We estimate the business contributed approximately $42 million of pre-tax profit in 2005.
As a result of this transaction, we expect to incur various one-time items during 2006 that we plan to identify and report on a quarterly basis.
Additional financial details will be provided in mid-February during a conference call to review our fourth quarter and full year 2005 results."
Boneparth concluded, "This transaction affords us the strategic and financial flexibility to continue executing our multi-brand, multi-channel business model. Jones Apparel will pursue opportunities to expand the product offerings of our various brands, as well as evaluate strategies to redeploy the cash proceeds of this transaction including acquisitions and share repurchase, or a combination of the two."
Jones Apparel Group Inc is a leading designer, marketer and wholesaler of branded apparel, footwear and accessories. We also market directly to consumers through our chain of specialty retail and value-based stores, and operate the Barneys New York chain of luxury stores.
The company also markets apparel under the Polo Jeans Company brand licensed from Polo Ralph Lauren Corporation, costume jewelry under the Tommy Hilfiger brand licensed from Tommy Hilfiger Licensing Inc and the Givenchy brand licensed from Givenchy Corporation and footwear under the Dockers Women brand licensed from Levi Strauss & Co.
marketing@alchempro.com
