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.
@fearofgod and @maxfieldla have teamed up on a pop-up installation. The store, located in the gallery space across from Maxfield’s Melrose Ave location, is the site of the brand’s House of God pop-up in which Fear of God founder @jerrylorenzo has created a church-inspired installation. A dozen vintage church pews sit in front of an LED screen playing 90s gospel singers in an effort to re-create an environment akin to a Southern Baptist Church, Lorenzo explained. Read more about the pop-up on WWD.com #wwdfashion (📷: Jennifer Johnson)
Known for his sleek, sophisticated American glamour, Norman Norell is the subject of an upcoming exhibition at @fitnyc. “Norell: Dean of American Fashion,” which runs from February 9 through April 14, will feature approximately 100 ensembles and accessories. His best work is exemplified by the designer’s glittering “mermaid” gowns frosted with thousands of hand-sewn sequins – like the one pictured. (📷: William Helburn) #wwdfashion
For pre-fall 2018, @balmain didn’t let go of the glitz. A crystal embroidered baseball jacket priced at around $40,000 hangs in the “couture” section of the brand’s first men’s pre-collection. Sporting the words “Balmain Army” across the back, the item took around two months to make. “When it was completed, it was like Christmas, it was like, ‘It’s done, it’s exactly what I wanted,’” said Balmain’s creative director @olivier_rousteing during a tour of the collection in a Paris showroom on Monday. #wwdfashion
Eighty degree temperatures and outdoor installations at the annual Art Basel Miami Beach called for bright, elevated beachwear. See more street style pictures on WWD.com. #theyarewearing #ABMB (📷: @lifeinreverie)
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Demna Gvasalia continues to shake up the Paris fashion calendar — and experiment with new runway timetables for his @vetements_official brand. WWD has learned that Vetements plans to stage its next coed show for the fall 2018 season on January 19 during Men’s Fashion Week in the French capital. Details about the timing and venue have not been confirmed — stay tuned on WWD.com to catch the latest. #wwdnews (📷: @giovanni_giannoni_photo)
@zacposen's go-to holiday gift? Cookies! "I'll usually bake cookies and send them as a gift," said the designer, who recently released his cookbook "Cooking With Zac: Recipes from Rustic to Refined." Get the recipe for his Brown Butter-Chocolate Chip Cookies via link in bio 🍪🍪🍪 #wwdeye #cookingwithzac
For @monsemaison’s pre-fall 2018 collection, Fernando Garcia and Laura Kim honed in on the brand’s many signatures — men’s wear, which was tweaked and feminized through deconstruction, proportion play and lots of bare shoulders. See the rest of the photos on WWD.com #wwdfashion (📷: George Chinese)
On Friday night, @yohjiyamamotoofficial received the Design for Asia Lifetime Achievement Award in Hong Kong. The 75-year-old designer has been celebrated for many years and is best known for his dark and avant-garde tailoring. “In my long career, in design, architecture, [I’ve been to] so many parties, this is the very first time that I have such a warm feeling, I really appreciate this,” Yamamoto said. #wwdfashion (📷: @dominiquemaitre)