Jones Q1 revenue is $936 mn

New York based The Jones Group Inc reported results for the first quarter

ended March 31, 2012. Revenues for the first quarter of 2012 were $936 million, as compared with $961 million for the first quarter of 2011. The company reported adjusted earnings per share of $0.31 for the first quarter of 2012 as compared with adjusted earnings per share of $0.38 for the same period last year.

As reported under generally accepted accounting principles (GAAP), the company reported a first quarter loss per share of $0.01 in 2012 and income of $0.30 per share in 2011. The 2012 and 2011 first quarter results include, among other items, costs and charges of approximately $28 million ($18 million after tax) and $9 million ($6 million after tax), respectively, related to the acquisition of Stuart Weitzman. In addition, the first quarter of 2012 also includes $12 million ($8 million after tax) of restructuring and strategic review costs.

Wesley R. Card, The Jones Group Chief Executive Officer, stated: "We are pleased with the results we achieved in the first quarter, particularly our improved gross margin, which exceeded expectations. Our gross margin improvement of 230 basis points was the result of the inclusion of Kurt Geiger in the quarter and improvement in many segments as a result of conservative inventory planning and control. Our sales registered $936 million and were within expectations."

Cash used by operating activities during the first quarter of 2012 was $60 million, compared with $137 million in the prior year period. The current year results reflect a lower level of required investment in working capital, somewhat offset by lower earnings. At March 31, 2012, the company had $147 million in cash and no amounts drawn under its $650 million of committed revolving credit facilities.

Based The Jones Group Inc. is a leading global designer, marketer and wholesaler of over 35 brands with product expertise in apparel, footwear, jeanswear, jewelry and handbags. A few of the company's internationally recognized brands and licensing agreements (L) include: Nine West, Jones New York, Anne Klein, Kurt Geiger, Rachel Roy (L), Robert Rodriguez, Robbi & Nikki, Stuart Weitzman, B Brian Atwood (L), Boutique 9, Easy Spirit, Carvela, Gloria Vanderbilt, l.e.i.,