KELLWOOD POSTS $2M PROFIT
ST. LOUIS — Kellwood Co. reported third-quarter earnings of $2 million, or 10 cents a share, compared with a year-ago loss of $2 million.
Sales for the three months ended Jan. 31 rose 9.5 percent to $315.8 million from $288.5 million. The year-ago loss was due to the company’s struggling Smart Shirt business, which was discontinued.
Liquidity strengthened during the quarter. Cash increased $23.2 million due to improved operations. Total inventory was down 8.1 percent to $303.1 million.
For the nine months, earnings grew 26.5 percent to $22.3 million, or $1.05, from $17.6 million, or 83 cents. Sales inched up 1.7 percent to $1.07 billion from $1.05 billion.
The company said marketing programs and initiatives in each of its business portfolios — branded, domestic private label and Far East private label — will drive sales during the fourth quarter and into the next fiscal year.