NEW YORK — Kenneth Cole Productions Inc. posted double-digit bottom- and top-line gains in the second quarter, beating Wall Street’s forecast.
For the three months ended June 30, the New York-based branded manufacturer said net income grew 16 percent to $7 million, or 34 cents a diluted share, from $6.1 million, or 30 cents, a year ago. Excluding a one-time charge for the shuttering of its distribution center, Cole’s earnings would have been 37 cents a share, which exceeded analysts’ consensus estimate by 2 cents.
Net revenues for the period gained 16.6 percent to $113.1 million from $96.9 million last year. Of that total, sales increased 17.7 percent to $103.7 million, while licensing and other revenues improved 5.7 percent to $9.3 million.
“We surpassed our operational goals and have maintained our top-to-bottom focus on the design and quality of the company’s product and the need to get it to market in a consistently shorter time frame,” said chief executive officer Kenneth Cole in a statement. “We feel good about the prospects for the fall season and are optimistic with respect to the second half of the year.”
Reflecting that optimism, the company raised the ceiling on its third-quarter earnings guidance to 58 cents to 60 cents a share from 58 cents to 59 cents. Fourth-quarter and full-year earnings are still forecast at 55 cents to 56 cents and $1.83 to $1.86, respectively.
For the first half of the year, Cole said profits advanced 16.1 percent to $14.4 million, or 70 cents, from $12.4 million, or 61 cents, in the prior-year period.
Net revenues increased 13.7 percent to $235.4 million from $207.1 million. Of that, sales rose 14.1 percent to $217.1 million and licensing and other revenues climbed 9.1 percent to $18.4 million.
@margotrobbie steps out onto the red carpet wearing @miumiu. The actress is nominated for “Outstanding Performance by a Female Actor in a Leading Role” in “I, Tonya” at the #SagAwards. (📷: Stewart Cook) #wwdfashion
For @massimogiorgetti of @msgm, the Nineties are his favorite decade. “They had a huge impact on my personal growth. What I like of the Nineties is that they are not so precise in terms of style as other decades…there was actually a bit of everything,” he said. As seen on MSGM’s Spring 2018 show: tie-dye and a bit of grunge, two styles that are synonymous with the decade #wwdfashion #wwddecades (📷: @kukukuba)
Breaking News: @hedislimane joins @celine as its new artistic, creative and image director. One of fashion’s preeminent image-makers and trendsetters, Slimane is to join the LVMH brand on Feb. 1 and unveil his first fashion proposition for men and women next September during Paris Fashion Week. It marks a major homecoming for Slimane, who cemented his reputation – and influenced men’s tailoring for more than a decade – as the designer of Dior Homme between 2000 and 2007. He went on to reinvent and ignite the house of Yves Saint Laurent, which he rechristened Saint Laurent, between 2012 and 2016 – all the while maintaining a close relationship with the Arnault family, which controls LVMH and Dior. Read the full exclusive story on WWD.com. Link in bio. #wwdnews #wwdfashion
“Personally I believe the Eighties have been the richest and more vivacious period for international fashion,” Giorgio Armani said when asked what his favorite decade of fashion is. It was a moment of disruption and experimentation and only thinking back to the first years of that decade is always an emotion for me, for what they have meant to me and my work.” The influence is clear in @giorgioarmani spring 2018 collection, pictured here, which was full of bright colors and unexpected prints. Read more about which decades designers loved most on WWD.com #wwdfashion #wwddecades (📷: @aitorrosasphoto)
For Lady Gaga’s only Italian show on her “Joanne World Tour,” the singer wore a range of @versace_official outfits. The standout piece: this custom-made bodysuit inspired by the brand’s spring 2018 collection. #wwdfashion (RG: @ladygaga)
@_camillaruth_ is expanding on the wellness-craze concept with @westbourne – a new NYC restaurant that’s both a healthy-minded café as well as a business that gives back to the community. Marcus works with the Robin Hood foundation to give back to The Door, a non-profit providing youth development services, and also hires employees through The Door. Read our full interview with Marcus on giving back through food on WWD.com. #wwdeye (📷: @lexieblacklock)