The company reported adjusted earnings per share of 0.27 dollars for the fourth quarter of 2013, as compared with adjusted EPS of 0.14 dollars for the same period last year. Adjusted EPS on a full year basis was 0.91 dollars in 2013, as compared with 1.24 dollars per share in the prior year.
As reported under GAAP, the company headquartered in New York, reported a fourth quarter loss per share of 0.61 dollars and 1.06 dollars for 2013 and 2012, respectively. On a full year basis, the company reported a GAAP loss per share of 0.26 dollars and 0.72 dollars for 2013 and 2012, respectively.
Commenting on the results, Wesley R. Card, The Jones Group Chief Executive Officer, said, “We are pleased with the improvement in our fourth quarter operating performance with an increase in adjusted earnings per share to 0.19 dollars versus 0.14 dollars last year, excluding tax benefits of 0.08 dollars. Our domestic retail, domestic wholesale footwear and accessories and international retail businesses achieved the largest operating improvements. Our sportswear business remained more challenging and promotional, although we are encouraged with our overall turnaround efforts in this business.”
On December 19, 2013, the company announced that it had entered into an agreement and plan of merger providing for the acquisition of the company by affiliates of Sycamore Partners. Under the terms of the merger agreement, the company's shareholders will receive 15 dollars in cash for each share of the company's common stock they hold. In connection with the merger, the company has agreed to suspend the payment of its quarterly dividend. The merger is subject to the approval of a majority of the company's shareholders that vote on the proposal to approve the merger agreement and certain other customary closing conditions. The transaction is expected to close in the second quarter of 2014.