Jones Apparel (JNY) Tops Q3 EPS Views by 19c, Revs Light

October 28, 2009 7:13 AM EDT

Jones Apparel Group, Inc. (NYSE: JNY) reports adjusted Q3 EPS $0.46 per share, or $0.36 on a GAAP basis, well above the consensus of $0.27. Revenues fell to $856 million, versus the consensus of $867.3 million and $965 million reported last year.

Wesley R. Card, Jones Apparel Group President and Chief Executive Officer, stated: "We maneuvered through this very difficult period in our economy by initiating a rigorous effort across the Company focused on controlling inventories and managing costs, while simultaneously invigorating our merchandising and product initiatives. These efforts allowed us to improve operating performance in all segments in the face of an anticipated sales decline. Our vertical retail business is showing signs of improvement as the changes we are making begin to take effect. Comparable store sales in our retail division were down, as anticipated, and consistent with the overall retail environment."

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