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JONES APPAREL GROUP REPORTS A 46 PERCENT INCREASE IN FIRST QUARTER EARNINGS

 JONES APPAREL GROUP REPORTS A 46 PERCENT
 INCREASE IN FIRST QUARTER EARNINGS
 NEW YORK, April 28 /PRNewswire/ -- At its annual meeting held today in New York, Jones Apparel Group, Inc. (NYSE: JNY) announced a 46 percent increase in earnings and a 36 percent increase in sales for the first quarter of 1992.
 Net income for the first quarter of 1992 increased by 46 percent to $10,264,000, an increase of $3,248,000 over the $7,016,000 reported in 1991. Net sales for the quarter increased by 36 percent to $106,427,000, up from $78,131,000 reported for the first quarter of 1991. Earnings of $.40 per share for the first quarter, based upon 20 percent more shares outstanding in 1991, grew by 25 percent over the prior year's $.32 per share.
 At the annual meeting, Sidney Kimmel, chairman, commented, "We are very pleased to continue to report record earnings and sales in such a difficult and uncertain retail environment. Our performance continues to reflect our positive momentum, the strength of our brand names, and the fashion, quality and value that our products represent in the marketplace. Our career sportswear sales grew by 47 percent in the first quarter, with the Rena Rowan for Saville career sportswear line contributing greatly to our growth in this category. Large sizes, introduced in the Rena Rowan for Saville Division for spring, performed exceptionally well at retail and our fall plan has been increased accordingly. Our casual sportswear and suit category grew by 32 percent for the quarter (continuing labels) and we remain very excited by the increased retail door penetration and retail selling trends of our Jones New York Sport casual line. In March, the first Jones New York Dress collection was very favorably received by our retail customers and our orders were significantly in excess of the initial plan. Shipments of this first Dress collection to our retail customers will commence in the third quarter of this year."
 Kimmel further commented, "The momentum with which we entered 1992 continues and our fall product lines have all booked to expectations. We are optimistic that our momentum will continue and we look forward to continued growth and profitability for the balance of the year."
 Jones Apparel Group, Inc. is a leader in the better women's sportswear and suit business and sells under its flagship label Jones New York, as well as its Jones New York Sport, JNY, Jones(asterisk)Wear, Saville and Rena Rowan for Saville labels, and under the licensed names Christian Dior and JAG.
 JONES APPAREL GROUP, INC.
 (Unaudited; in thousands, except per-share data)
 First quarter ended 4/5/92 3/31/91
 Net sales $106,427 $78,131
 Income from operations (A) 17,339 12,621
 Interest expense, net 287 946
 Income before taxes 17,052 11,675
 Provision for taxes (B) 6,788 4,659
 Net income 10,264 7,016
 Fully diluted earnings
 per share $.40 $.32
 Weighted average common
 shares and share
 equivalents outstanding 25,920 21,657
 (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- 4/28/92
 /CONTACT: Wesley R. Card, chief financial officer of Jones Apparel Group, 215-785-4000/
 (JNY) CO: Jones Apparel Group, Inc. ST: Pennsylvania IN: TEX SU: ERN


KA-MP -- PH006 -- 3662 04/28/92 10:18 EDT
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Publication:PR Newswire
Date:Apr 28, 1992
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