Jones Group Q4 loss widens, but revenue beats Street
New York — The Jones Group Inc. reported a loss of $80.3 million for the three months through Dec. 31, compared with a loss of $21.1 million a year earlier. The company said that marking down the value of some assets widened its loss.
Revenue for the fourth quarter rose 8.8% to $971.9 million, better than the $955.3 million Wall Street was expecting.
For the year, Jones Group lost $56.1 million, versus a profit of $50.7 million in 2011. Annual revenue rose to $3.8 billion from $3.79 billion.
"Our financial position remains strong, said John T. McClain, CFO, Jones Group. “We ended the year with $150 million in cash and our revolver undrawn. We are approaching our 2013 inventory commitments with conservatism, consistent with 2012. With a continued focus on inventory management, expense control, and operational efficiencies, we believe we will continue to improve margins and maintain a strong balance sheet."
J.C. Penney increased credit facility
New York — J. C. Penney Co boosted its borrowing capacity under a bank credit facility by $100 million to $1.85 billion and expanded an option to borrow more at a later date.
"As we enter the second year of our transformation, today’s announcement reflects the confidence of our banking group in our long-term strategy and further strengthens our liquidity position as we continue to execute our plan," J.C. Penny CFO Ken Hannah said in a statement.
The new arrangements included a $150 million increase in the credit facility’s accordion feature to $400 million and a $250 million increase in an additional feature, analysts said. An accordion feature allows a borrower to expand a credit facility at a later date.
Fiserv, Alliance Data partner to offer e-bill distribution
BROOKFIELD, Wis. —Fiserv, a global provider of financial services technology solutions, has partnered with Alliance Data Retail Services, a provider of branded credit card programs, to offer e-bill distribution to cardholders of its more than 100 credit programs. This service is designed to provide consumers with increased control over bill payments, as well as the added convenience of viewing and paying bills electronically via 3,800 financial institutions that are part of the Fiserv bill payment network.
Electronic bills, commonly known as e-bills, contain all of the same information as traditional paper bills, but are delivered to a financial institution website instead of a physical mailbox. E-bills are secure, convenient and clutter-free, enabling consumers to receive and store bills online at the same site where they are paid. Recipients can schedule a specific date on which their bill will be paid and take advantage of features such as email reminders. The Fiserv e-bill distribution service provides Alliance Data customers with another electronic statementing option in addition to Alliance Data’s existing online account management center, providing an alternative to its millions of cardholders.
“We are excited about partnering with Fiserv to offer e-bill distribution to our valued cardholders,” said Dan Finkelman, Alliance Data Retail Services chief marketing officer. “We are committed to delivering relevant services as well as an array of choices that appeal to our customers. This offering further extends our delivery via the online channel to provide an easy and convenient experience for our cardholders.”