American Jones Apparel Group Inc has lowered its fourth-quarter earnings-per-share guidance to $0.28-$0.30 from a previous estimate of $0.40-$0.45. The company says it expects revenue will total around $4.65 billion for the full year, with earnings per share of between $2.39 and $2.41. Previous 2004 full year earnings-per-share guidance was $2.51 to $2.56.
Peter Boneparth, chief executive officer, said that the quarter had been more challenging than it expected. “Most challenging was a higher level of promotions experienced by our retail customers than we anticipated.” The company, known for brands like Jones New York, Anne Klein, Kasper, Gloria Vanderbilt and Nine West, expects earnings per share to total $3.00 to $3.10 in 2005.
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