Higher charges and lower revenues pulled Kenneth Cole Productions Inc. to a wider fourth-quarter loss, the company said late Tuesday.
In the three months ended Dec. 31, the New York-based company logged a net loss of $52 million, or $2.88 a diluted share, versus a loss of$12 million, or 67 cents a diluted share, in the year-ago quarter. Excluding one-time charges for severance, asset impairment and an adjustment in the firm’s deferred tax asset balance, the company earned $3.8 million, or 21 cents, matching Yahoo Finance’s consensus analyst estimate, against a loss of $4.8 million, or 27 cents, in the 2008 period.
Total revenues fell 13.6 percent to $109.4 million from $126.6 million, which included a 14.3 percent decrease in sales to $98.5 million. The firm attributed the decreases primarily to its planned exit from unprofitable businesses.
For the year, the loss was $63.2 million, or $3.52 a diluted share, on total revenues that slid 16.6 percent to $410.4 million. On an adjusted basis, the loss was $6.4 million, or 36 cents a diluted share, in 2009.
“We are showing improvement in many areas of our organization, but our biggest opportunities are still in front of us,” said Kenneth Cole, chairman and chief creative officer. “In 2010, we must continue to focus on product innovation and execute at a higher level to deliver increased value to our shareholders.”
The firm this week inked an agreement with Macy’s for an exclusive Reaction men’s sportswear collection set to launch for holiday 2010 in 150 Macy’s stores.
Retail stocks were weighed down Tuesday by Staples Inc., where profit projections missed Wall Street projections, and the S&P Retail Index retreated 0.8 percent, or 3.53 points, to 424.79 as the Dow Jones Industrial Average inched up 2.19 points to 10,405.98. (For more on stocks, see page 14.)
Asian markets were mixed, with the Nikkei 225 rising 0.5 percent to 10,221.84 in Tokyo, while the Hang Seng Index slipped 0.7 percent to 20,906.11 in Hong Kong and the SSE Composite Index fell 0.5 percent to 3,073.11 in Shanghai.
The FTSE 100 rose 1.5 percent to 5,484.06 in London and the CAC 40 advanced 1.1 percent to 3,811.92 in Paris.
In honor the @CFDA’s announcement of @iamnaomicampbell receiving the Fashion Icon Award at the 2018 #CFDAAwards, which will take place on June 4, here’s a #tbt of the supermodel on @michaelkors’ runway in 1991. #wwdfashion #wwdarchive (📷: George Chinsee)
“I was making the guacamole when my scout saw me,” says model @stuckinteenage on being discovered just six months ago while working at @chipotlemexicangrill. Since then Williams has signed with @dnamodels, walked in her first show at @calvinklein and landed on the cover of @vogueitalia – a high point of any model’s career. To read @lisajlockwood’s full interview with the model on her experiences thus far, head to WWD.com – link in bio. (📷: George Chinsee)
“I love the idea of dialogue, period. It’s where I’ve always gotten my inspiration from: hearing other women speak, their journeys and their paths,” said @hereisgina, who delivered the keynote speech during @sxsw for @createcultivate in partnership with @fossil. For her two panels, Rodriguez chose female empowering, female-led and female entrepreneurs to focus on. Head to WWD.com to read more about her thoughts on Time’s Up, growing up in a family of women and why we “need a girls’ club.” #wwdeye #sxsw (📷: @jgreenery)
Leading luxury brand are shaking things up to keep up with streetwear. Case in point: the arrival of @mrkimjones as artistic director of @diorhomme. Jones, who succeeds @Kris_Van_Assche, is seen as one of the handful of designers who can actually straddle the luxury and streetwear worlds — which could lead to even more changes at established brands. What could this mean for the rest of the menswear landscape? Head to WWD.com to find out what experts predict #wwdfashion (📷: @franckmura)
“It’s like buying groceries. You’re going to buy the best mango, the best mozzarella, the best things. You have to, or others are going to take it all,” said @gabrielahearst on why she uses only the finest fabrics. Last week, Hearst received her first @cfda nomination for Womenswear Designer of the Year, and earlier this month she opened a permanent showroom in Paris. To read @jessiredale’s interview with the designer and find out why this is shaping up to be a big year for her, head to WWD.com. #wwdfashion (📷: @francoisgoize)
“It’s an interesting thing, playing a younger version of your mother. It’s an interesting concept. I adore my mom and love her in every capacity, but it was just something that had never crossed my mind,” says @anniemstarke on playing a young Joan Castleman in “The Wife.” The same role will be played by her mother Glenn Close. Read more about her growing up in the film industry as the daughter of producer John H. Starke and Close and what she has planned for the future #wwdeye (📷: @nataliamantini)
@asics is launching a new streetwear sneaker inspired by its latest ambassador, @steveaoki. The Hyper-Kenzen x Aoki, which will launch at @footlocker stores exclusively tomorrow, is a slip-on style that incorporates the brand’s proprietary Gel technology through beads integrated into the midsole for comfort and endurance. Read the full story on WWD.com.