The Jones Group revenues for the third quarter of 2011 ended October 1, were $1,044 million, as compared with $1,022 million for the third quarter of 2010.
CEO Wesley Card stated: "Our performance for the third quarter is a reflection of our focus on controlling costs and inventory. Despite a promotional retail environment, we achieved results that were in line with our expectations."
John McClain, The Jones Group CFO, commented: "We had another solid quarter and our financial position remains strong. We ended the quarter with $61 million of cash and $55 million outstanding under our revolver, which we have repaid. We entered 2011 with a more conservative, tightened inventory buy plan, and we will continue to approach inventory commitments in the same manner as we look to 2012. With a focus on inventory management and expense control, we believe we will continue to improve margins and to maintain a strong balance sheet."
Mr. Card concluded: "Although we are operating in an uncertain retail landscape, we are confident that we are taking the right steps to position Jones for continued operating improvement. We have successfully aligned our plans with the current consumer environment and will continue to be prudent in our spending, while actively pursuing the Company's strategy."