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JONES APPAREL GROUP, INC. REPORTS RECORD THIRD QUARTER SALES & EARNINGS

JONES APPAREL GROUP, INC. REPORTS RECORD THIRD QUARTER SALES & EARNINGS
 NEW YORK, Oct. 27 /PRNewswire/ -- Jones Apparel Group, Inc. (NYSE: JNY) today announced record sales and earnings for the third quarter and nine months ended Oct. 4, 1992.
 Net income for the third quarter increased by 26 percent to $17,404,000, an increase of $3,592,000 over the $13,812,000 reported for 1991. For the nine-month period, net income increased by 38 percent to $34,920,000, an increase of $9,607,000 from the $25,313,000 reported for the first nine months of 1991.
 Earnings of $.67 per share for third quarter, based upon approximately the same number of shares, grew by 26 percent over the prior year's $.53 per share. For the nine months, earnings per share were $1.34, an increase of 28 percent over the $1.05 earned per share in the comparable period of 1991, based upon 9 percent more shares in 1992.
 Net sales for the quarter ended Oct. 4, 1992, increased by 26 percent to $138,702,000 compared to the $109,847,000 reported for the third quarter of 1991. For the nine-month period, net sales increased by 33 percent to $344,191,000 compared to the $258,318,000 reported in 1991.
 Sidney Kimmel, chairman, commented, "We are very pleased to report these results in spite of the continuing difficult retail climate. Our career sportswear sales, which represented 73 percent of sales in the quarter, increased by 20 percent. Shipments of our Rena Rowan for Saville upper moderate career sportswear line were particularly strong and continued to grow rapidly. Casual sportswear, suits, and dresses, which accounted for 27 percent of net sales, increased by 47 percent for the quarter, reflecting the momentum of our Jones New York Sport casual product line. We continued to ship our first season of Jones New York dresses to our customers which added $3,600,000 to net sales for the quarter. We are very excited that the initial shipments of our dresses are retailing exceptionally well. During the quarter, we successfully launched Jones & Co, a casual line of washed and relaxed woven sportswear, and substantially oversold our original plan for Spring 1993, which we will begin shipping in January 1993. The reaction from our retail customers was outstanding and the Jones & Co line should prove to be an excellent complement to our existing Jones New York Sport line, which consists primarily of knitted garments."
 Commenting on the company's financial position, Kimmel noted, "We ended the quarter with a very strong balance sheet, including cash of $5.4 million, and our short-term borrowings were reduced to $3.8 million. Since quarter-end, our cash flow has been excellent and we have repaid the short-term borrowings in full and anticipate maintaining a positive cash balance throughout the fourth quarter. Furthermore, our inventories and receivables are in excellent condition, with increases directly related to our continuing growth."
 Kimmel further stated, "Advance orders for our Spring 1993 product lines are meeting expectations. Our backlog of unfilled customer orders remains strong and we are confident that our momentum will continue for the remainder of this year and into 1993."
 Jones Apparel Group, Inc. is a leader in the better women's sportswear and suit businesses and sells under its flagship label Jones New York, as well as its Jones New York Sport, Jones & Co, Jones(asterisk)Wear, Rena Rowan for Saville, Saville and Ellen Kaye labels, and under the licensed names Christian Dior and jag.
 JONES APPAREL GROUP, INC.
 Financial Highlights
 (Unaudited; in thousands, except per-share data)
 Three months ended 10/4/92 9/30/91
 Net sales $138,702 $109,847
 Income from operations (A) 28,345 23,181
 Interest expense 273 566
 Income before taxes 28,072 22,615
 Provision for taxes (B) 10,668 8,803
 Net income 17,404 13,812
 Earnings per share $.67 $.53
 Weighted average common
 shares and share
 equivalents outstanding 26,159 26,293
 Nine months ended 10/4/92 9/30/91
 Net sales $344,191 $258,318
 Income from operations (A) 58,157 44,354
 Interest expense 890 2,533
 Income before taxes 57,267 41,821
 Provision for taxes (B) 22,347 16,508
 Net income 34,920 25,313
 Earnings per share $1.34 $1.05
 Weighted average common
 shares and share
 equivalents outstanding 26,101 24,006
 (A) Includes pro forma adjustment in 1991 to eliminate compensation paid in excess of $1,250 annually received by chairman prior to June 1, 1991.
 (B) Includes pro forma taxes on income for results presented through May 15, 1991, as if the company had not been an S Corporation through that date.
 /delval/
 -0- 10/27/92
 /CONTACT: Wesley R. Card, CFO of Jones Apparel Group, 215-785-4000/
 (JNY) CO: Jones Apparel Group, Inc. ST: Pennsylvania IN: TEX SU: ERN


MK-MP -- PH012 -- 5350 10/27/92 11:26 EST
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Date:Oct 27, 1992
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