New York City Jones Apparel Group reported Wednesday that it shaved fourth-quarter losses thanks to strategic cost cuts and improvements in the company's retail business.
The maker of such brands as Nine West and Anne Klein reported a loss of $124.9 million for the quarter, compared with a loss of $804.9 million in the year-ago period. The results matched analyst expectations.
Revenue declined 8% to $762.8 million for the quarter. Analysts expected revenue of $785 million. Same-store sales increased 2% in the quarter.
For the year, the loss totaled $83.1 million, compared with a loss of $749.4 million a year ago. Revenue for the year dropped 8% to $3.28 billion.
Jones Apparel embarked on a cost-trimming mission that involved job cuts and shuttering under-performing stores in order to improve company performance. Last week the company hired Richard Dickson, a Barbie executive from Mattel, as president and CEO of its branded business in an effort to improve results.
"We are encouraged by our improved operating margins and the performance of our retail business, which was profitable in the quarter," said CEO Wesley Card.