Jones Apparel Group Inc. has a market cap of $1.5 billion; its shares were traded at around $17.23 with a P/E ratio of 12.9 and P/S ratio of 0.4. The dividend yield of Jones Apparel Group Inc. stocks is 1.2%.JNY is in the portfolios of HOTCHKIS & WILEY of HOTCHKIS & WILEY Capital Management LLC, Richard Pzena of Pzena Investment Management LLC, David Dreman of Dreman Value Management, Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC, Steven Cohen of SAC Capital Advisors, Jeremy Grantham of GMO LLC.
This is the annual revenues and earnings per share of JNY over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of JNY.
Highlight of Business Operations:Retail revenues decreased $6.3 million, primarily due to the closure of underperforming locations. We began the current quarter with 877 retail locations, had a net decrease of 41 locations during the quarter and added 44 locations as a result of the SWH acquisition to end the period with 880 locations, compared with 980 at the end of the prior period. Comparable store sales increased 0.3% ($0.5 million) primarily due to sales increases at our Canadian locations. Comparable stores are those that have been open for a full year, are not scheduled to close in the current period and are not scheduled for an expansion or downsize by more than 25% or relocation to a different street or mall. A 27.6% increase in our comparable e-commerce business ($3.2 million) was offset by a 2.2% decrease in comparable store sales for our footwear stores ($2.2 million) and a 0.9% decrease in comparable store sales for our apparel stores ($0.5 million). The decrease in revenues was partially offset by $4.1 million related to the acquired Stuart Weitzman stores and a $1.4 million favorable effect of changes in exchange rates between the U.S. and Canadian Dollars.
Wholesale better apparel SG&A expenses increased $8.6 million, primarily due to $6.8 million of expenses added as a result of the Moda acquisition, which includes a $4.3 million fair value adjustment of the related acquisition consideration payable, a $1.9 million increase in salaries and benefits, a $0.9 million increase in advertising spending and $0.2 million of other net cost increases. These increases were offset by a $1.2 million favorable effect of changes in exchange rates between the U.S. and Canadian Dollars.
Wholesale jeanswear SG&A expenses increased $0.3 million. We recorded $2.8 million of charges related to the closure of our Texas warehouse in the current period. A $1.2 million reduction in advertising spending and a $2.5 million reduction in distribution costs were partially offset by $1.2 million of other net cost increases.
Wholesale footwear and accessories SG&A expenses increased $6.7 million, primarily due to a $4.7 million increase as a result of the SWH acquisition, a $1.4 million increase in advertising spending, a $1.3 million increase in distribution costs, a $1.2 million increase in administrative costs, a $1.1 million increase in salaries and benefits and $1.4 million of other net cost increases. These increases were partially offset by a $1.8 million reduction in restructuring costs in the current period and $2.6 million of costs in the prior period related to the bankruptcy of our former United Kingdom footwear licensee.
Retail SG&A expenses decreased $2.6 million, due to cost reductions of $3.9 million for occupancy, $3.0 million for salaries and benefits and $0.3 million of other costs related primarily to operating fewer locations during the current period, partially offset by a $0.8 million increase in administrative costs and a $0.8 million increase in marketing costs. The stores acquired in the SWH acquisition also added $3.0 million to the current period.
Net Interest Expense. Net interest expense decreased $5.5 million, primarily the result of a $7.9 million write-off of deferred financing fees related to the termination of our prior revolving credit facility in the prior period and a $1.1 million reduction in interest in the current period as the result of the repurchase of our 4.250% Senior Notes due 2009 in May 2009. These decreases were partially offset by $2.2 million of additional interest expense recorded in the current period related to our interest rate swaps and cap, $1.0 million higher amortization of deferred financing fees related to our revolving credit facility and $0.3 of other net interest reductions.
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