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Business Description
Jones Apparel Group, Inc. is a designer and marketer of a broad range of women's collection sportswear, suits and dresses, casual sportswear and jeanswear, women's shoes and accessories and costume, sterling silver and marcasite jewelry. The Company's operations are comprised of three reportable segments: wholesale apparel, wholesale footwear and accessories, and retail. The Company has pursued a multi-brand strategy by marketing its products under several brands, including Jones New York, Lauren by Ralph Lauren, Ralph by Ralph Lauren and Polo Jeans Company, which are licensed from Polo Ralph Lauren Corporation, Evan-Picone, Rena Rowan, Norton McNaughton, Erika, Energie, Currants, Jamie Scott, Todd Oldham, Nine West, Easy Spirit, Enzo Angiolini, Bandolino, Napier and Judith Jack. Each brand is differentiated by its own distinctive styling, pricing strategy, distribution channel and target consumer.

Financial Information
Jones Apparel Group is a designer and marketer of better priced women's sportswear, suits and dresses and jeanswear. For the 27 weeks ended 7/06/02, net sales rose 7% to $2.10 billion. Net income before acct. change decreased 1% to $151 million. Revenues reflect an increase in wholesale moderate apparel sales as a result of the McNaughton acquisition. Earnings were offset by the inclusion of a $31.9 million executive compensation obligations charge.