Jones Apparel Group reports disappointing second-quarter earnings
06/08/2001
New York-based Jones Apparel Group has blamed its over reliance on the sandals market for disappointing second-quarter results. The company took a gamble and put 70% of its production capacity into the manufacture of sandals but sales have yet to pick up.
According to data tracking firm Thomson Financial/First Call income for the quarter ended July 7 was $60.1 million, or 47 cents a diluted share, up from $55.5 million, or 46 cents a share, in the same quarter last time. Analysts' estimates were from 51 cents to 54 cents a share.
Jones Apparel designs and markets brands of clothing and footwear including several licenced from Polo Ralph Lauren. Next year the firm intends to lower the proportion of sandals it produces to a more sensible 30%
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