Jones net income plunges 93 percent in 3Q

Total revenues fell by 6.1 percent to $964.7 million, including a sales decline of 6.2 percent to $948.6 million from $1.01 billion. Same-store sales in Jones’s own stores rose during July and August but fell more than 8 percent in September “as consumer confidence plummeted.” Also, the retailer said it exited several moderate sportswear lines which hurt profit by about $65 million in the quarter. The elimination of those lines was the primary reason for the profit decline, according to the company.

The year-ago quarter's profit was helped by a $90.9 million income-tax benefit, that was only partially offset by hefty restructuring costs. In the 2008 third quarter, the company reported a $14.6 million provision forincome taxes rather than a benefit.

The bankruptcy filings of two regional department stores and the lower shipping volumes that resulted also affected results, the company said.

Jones is slowing its store expansion plans for 2009 and has lowered its capital spending forecast.