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Kenneth Cole announces Q4 & full year 2006 results
28 Feb '07
3 min read
Kenneth Cole Productions Inc reported financial results for the fourth quarter and full fiscal year ended December 31, 2006. The company's fourth quarter revenues were $135.0 million, up slightly from the year ago quarter. Fourth quarter earnings per fully-diluted share were $0.39 ahead of the year ago $0.37 per share.
The Company noted that non-GAAP earnings per share would have been $0.43 for the fourth quarter of 2006 versus $0.35 in the prior year period, an increase of 23% excluding employee stock options and restricted stock expense and non-recurring tax benefits from the year-over- year fourth quarter comparison.
Full-year revenues increased 3.6% to a record level of $536.5 million. Full-year 2006 earnings per diluted share were $1.31 versus $1.65 in fiscal 2005.
Again, the company noted that non-GAAP earnings per share for fiscal 2006 would have been $1.38 versus $1.54 in fiscal 2005 excluding employee stock options and restricted stock expense and non- recurring tax benefits from the year-over-year comparison.
Kenneth Cole, Chairman and Chief Executive Officer, commented, "While we are pleased we were able to achieve our financial plan, increase our operating margin and further enhance our brands, we recognize that much work remains to be done. We look forward to achieving continued future progress with a stronger and more experienced management team than ever before."
Fourth quarter wholesale revenues were $63.9 million, up 3.5% versus the prior year's level of $61.8 million. Consumer direct revenues for the fourth quarter increased slightly to $58.5 million versus the same quarter last year with a comparable store sales decline of 4.0% versus the year-ago quarter. Licensing revenue for the fourth quarter decreased 4.9% to $12.6 million versus $13.3 million in the same quarter of the prior year due to the transition of certain of our sportswear licenses.
Gross margin for the fourth quarter was 45.5%, versus the year-ago level of 46.8%, primarily due to the decline in licensing revenues as a percentage of the mix and a slight decrease in wholesale gross margins.
The Company noted that non-GAAP earnings per share would have been $0.43 for the fourth quarter of 2006 versus $0.35 in the prior year period, an increase of 23% excluding employee stock options and restricted stock expense and non-recurring tax benefits from the year-over- year fourth quarter comparison.
Full-year revenues increased 3.6% to a record level of $536.5 million. Full-year 2006 earnings per diluted share were $1.31 versus $1.65 in fiscal 2005.
Again, the company noted that non-GAAP earnings per share for fiscal 2006 would have been $1.38 versus $1.54 in fiscal 2005 excluding employee stock options and restricted stock expense and non- recurring tax benefits from the year-over-year comparison.
Kenneth Cole, Chairman and Chief Executive Officer, commented, "While we are pleased we were able to achieve our financial plan, increase our operating margin and further enhance our brands, we recognize that much work remains to be done. We look forward to achieving continued future progress with a stronger and more experienced management team than ever before."
Fourth quarter wholesale revenues were $63.9 million, up 3.5% versus the prior year's level of $61.8 million. Consumer direct revenues for the fourth quarter increased slightly to $58.5 million versus the same quarter last year with a comparable store sales decline of 4.0% versus the year-ago quarter. Licensing revenue for the fourth quarter decreased 4.9% to $12.6 million versus $13.3 million in the same quarter of the prior year due to the transition of certain of our sportswear licenses.
Gross margin for the fourth quarter was 45.5%, versus the year-ago level of 46.8%, primarily due to the decline in licensing revenues as a percentage of the mix and a slight decrease in wholesale gross margins.
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