NEW YORK — Kenneth Cole Productions Inc. reported a third-quarter earnings decline on Thursday, but the results still surpassed company expectations.
For the three months ended Sept. 30, income declined 15 percent to $9.2 million, or 45 cents a diluted share, from $10.9 million, or 53 cents, in the year-ago period. The results included 1 cent per share of options and restricted stock expense. The company anticipated third-quarter earnings per share between 41 and 44 cents.
Total revenues for the quarter rose 5.8 percent to $143.7 million from $135.8 million a year ago. Revenues included a sales gain of 6.5 percent to $132.8 million from $124.7 million.
For the nine-month period, income fell 27.9 percent to $18.8 million, or 92 cents a diluted share, from $26.1 million or $1.28, last year. Revenues rose by 4.3 percent to $401.5 million from $385 million, which includes a sales gain of 4.4 percent to $369.9 million from $354.3 million.
During the quarter, the company reached an agreement with its licensee, PDI, to take control of Kenneth Cole New York men's and women's sportswear brands. The licenses for the lines were set to expire at the end of 2007.
"As has become the trend in our industry, we view the opportunity to regain control of our flagship sportswear label as a long-term positive for our company, although not without short-term challenges," Kenneth Cole, chairman and chief executive officer, said in a statement.
EXCLUSIVE: Two and half months after John Targon, cofounder and codesigner of Baja East, was hired as creative director of the contemporary division at Marc Jacobs, he has left the company, WWD has learned. Marc Jacobs International, which is owned by LVMH Moët Hennessy Louis Vuitton, confirmed Targon’s departure in a statement: “John Targon is a talented designer and we appreciate the work he has done here. Ultimately working together did not make sense for the brand and we wish him the best.” Read the story by @jessiredale, link in bio. #wwdnews
@theluxurycollection is officially launching a collection, tapping Sofia Sanchez de Betak for the capsule. Over 30 styles will be featured in the Chufy x The Luxury Collection, debuting next month at Bergdorf Goodman, The Webster, FiveStory and more. De Betak, known as “@chufy,” drew inspiration for the collection from her trips to Japan in the past year #wwdfashion
@lhd, founder and CEO of @thewebster, has teamed up with @lebonmarcherivegauche for the European launch of her ready-to-wear line, LHD. The launch will come with an exclusive pop-up opening today that’s set to run through May 20. Located on the second floor, it carries her debut Miami-themed resort collection, launched in November as see-now-buy-now. #wwdfashion
@longchamp, which marks its 70th anniversary this year, just opened its biggest U.S. store on Manhattan’s Fifth Avenue. On the lower level there’s a floor-to-ceiling display of the brand’s iconic Le Pliage bag – in all of its different colors, shapes and sizes. Customers can also have their product personalized in-store by imprinting names, initials or emblems. #wwdfashion (📷: @ericmtownsend)
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With her costume pearl necklace and what-you-see-is-what-you-get style, Barbara Bush, who died Tuesday at age 92, was a straight-shooter from start to finish.
Born Barbara Pierce in New York City, Bush served as the 37th first lady, as well as the country’s second lady from 1981 to 1989. In addition to being part of the longest presidential marriage — 73 years — Bush also had the unlikely distinction of having one son, George W., become the 43rd president and another son, Jeb, run unsuccessfully in 2016. Having served as second lady during the Reagan administration’s two terms and lived all over the world during her own husband’s ascending political career, Barbara Bush made it clear that literacy — not fashion — was her priority. Read more from Rosemary Feitelberg’s obituary on the late First Lady in WWD.com, link in bio. #barbarabush #wwdnews
Western and ’90s trends have influenced denim for fall 2018. Think raw, dark and coated jeans mixed with bold prints and tough leather. #trendtuesdays #wwdfashion (Styled by @thealexbadia;📷: @ryanplett)