NEW YORK, April 30 (UPI) -- Retailer and apparel maker Jones Apparel Group Inc. said Tuesday its first-quarter net income fell 34 percent due to a drop in sales and an accounting change.
Jones, with brands including Jones New York, Nine West, and names licensed from Polo Ralph Lauren Corp., said its first-quarter adjusted net income fell to $70.7 million, or 53 cents a diluted share, from $107.9 million, or 84 cents a share during the same period last year.
Revenue declined to $1.13 billion from $1.08 billion a year ago.
Jones Apparel closed at up 55 cents a share at 39.05, up 1.43 percent on the New York Stock Exchange.
Before the effect of an accounting change, the company posted a net income of $84.5 million, or 63 cents a share, down from $96.4 million, or 84 cents a share a year ago.
Analysts on Wall Street had expected the company to post a net income of 65 cents a share, according to Thomson Financial/First Call.
Jones Apparel said it sees second-quarter earnings in a range of 40 cents to 43 cents a share. The company forecast earnings for the third quarter between 95 cents and 97 cents, and for the fourth quarter between 48 cents and 50 cents.
The company also expects full-year earnings before charges to be about $2.65 a share, with revenues of $4.2 billion. This projection includes the acquisition of jeans designer Gloria Vanderbilt Apparel Corp., which it closed on April 9. The purchase will add more than $125 in revenues and 4 cents a share to earnings for the year, it said.
The company also said it sees 2003 earnings per share for its core businesses of about $2.95 a share.