Clothing retailer The Jones Group (NYSE:JNY) reported on Wednesday its fourth quarter losses narrowed on higher revenues and less impairment charges.
For the fourth quarter, the company’s losses attributable to common shareholders narrowed to $38.3 million, or 47 cents per diluted share.
That was an improvement over the loss of $124.9 million, or $1.53 per diluted share for the year-ago period, when the company recorded a $120.6 million goodwill impairment.
Revenues were $858.4 million, up from $762.8 million.
Adjusted earnings per share, which excludes impairment charges, severance costs, and acquisition-related costs, came in at four cents, compared to the 11 cents earned in the prior year period.
Analysts polled by Thomson Reuters expected the company to earn 3 cents a share on revenues of $869.7 million.
Gross margin for the period fell to 30.8% from 34.3% in the prior year period. The decline, the company said, was due to a more promotional environment and a softer market for excess inventory.
During the quarter, the company closed 44 retail locations to end the year with 803 locations, including the Stuart Weitzman business it acquired in June 2010.
For the full year, the company reported a net income available to shareholders of $51.4 million, or 62 cents per diluted share, compared to a loss of $83.1 million, or $1.02 per diluted share for the prior year.
“Looking at 2011, the economic indicators continue to point to a slow and gradual improvement, but there will be many challenges ahead including continued cost pressures and consumer reaction to higher prices,” said The Jones Group’s CEO, Wesley R. Card.
On Wednesday, the company’s shares closed higher by 1.2% at $13.24.