Jones Apparel Nearly Doubles Profit (JNY)

Retailer Jones Apparel Group, Inc. JNY released financial results on Wednesday morning that easily beat Wall Street estimates. Jones Apparel Group, Inc. (JNY) announced that its 2nd quarter nearly doubled to $25.7 million, or 30 cents per share, up from $13.1 million, or 15 cents per share, a year earlier. Excluding special items, the company reported earnings of 45 cents per share. The company's revenue rose 6.9 to $859.6 million, up from $803.9 million a year earlier. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 33 cents per share, on revenue of $830.53 million. Chief executive officer Wesley R. Card said, "We are very pleased with our second quarter results and the performance of our core brands over the entire Spring/Summer season. Operating margins were much improved and increased in three of the segments compared with the prior year's quarter. Results in Better Apparel and Footwear and Accessories were particularly notable, reflective of sound execution and aggressive inventory management, as well as strong sell-throughs. Jeanswear also continued to perform well and our vertical retail operations results improved, as we remain on track with our retail improvement plan." Jones Apparel Group, Inc closed the previous trading day at $16.68 per share. The consensus price target of analysts covering the company's stock is $23.86 per share. Read more from Benzinga's Company news.