Jones Apparel on High Earnings Spree
Jones Apparel Group Inc. went far ahead than the expectations of the market researchers as the company earned a profit of $30.4 million, amidst cost cutting and decreased sales.
Jones Apparel Group is a leading designer and marketer of apparel and footwear. With brands like Nine West, Easy Spirit, the company is expecting a boost in the financial earnings during the upcoming holiday shopping season throughout the industry.
Jones now expects a high by $ .3 billion in the recent year with an additional 265 store closings to put into effect this year and next, in addition to 69 closures, which are already complete.
"We're cautiously optimistic about trends in the fourth quarter, but we have to see how the consumer reacts", Wesley Card, the Chief Executive in an interview. "So far they've been buying against less markdowns. So it's encouraging, but it's still relatively volatile”, he added.
The limited spending capacity of the consumers and the overall recession that brought the industry at a standstill, resulted in the downfall of sales of the retail stores, said the company.
The company is also planning for the cost cutting by $4, $16 million and $22 million in 2009, 2010 and 2011 respectively.
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