NEW YORK — Due to its previously announced strategic initiative, Kellwood Co. took a $93.4 million restructuring charge in the second quarter ended July 30.
As a result, the supplier posted a loss of $79.4 million, or $2.86 a diluted share, which compares with net income of $10.2 million, or 36 cents, in the same period last year on sales that rose 0.2 percent to $561.8 million from $560.5 million.
Results in the most recent quarter were partially offset by a repatriation of foreign profits totaling $13 million.
Robert J. Skinner, president and chief executive officer, said in a statement that the results "were in line with our revised expectations. We increased sales and managed our expenses well. However, these improvements were tempered by increased promotional activity resulting in reduced gross profit and operating income versus the prior year."
The company reported results after the market closed, and is scheduled to hold a conference call with analysts and investors today.
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