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Kenneth Cole reports strong Q4 operating results
03 Mar '10
5 min read
The Company's balance sheet remained strong at December 31, 2009. Inventory at the close of the quarter was down 33% to $29.1 million compared to $43.3 million at the end of the fourth quarter last year. Cash and cash equivalents were $68.5 million versus $64.7 million at the end of last year. In addition, the Company continues to operate with no long-term debt.
Kenneth Cole, Chairman and Chief Creative Officer, commented, "We are pleased with the strong reception our products received from both customers and consumers over the holiday season. We are showing improvement in many areas of our organization, but our biggest opportunities are still in front of us. In 2010, we must continue to focus on product innovation and execute at a higher level to deliver increased value to our shareholders."
Looking ahead, the Company announced earlier that it had signed a Strategic Alliance Agreement with Macy's for a new, exclusive REACTION Men's Sportswear collection that will launch in time for holiday 2010 in 150 Macy's stores. Distribution is ultimately slated to grow to 550 stores over the next few years, consistent with the REACTION brand penetration in other categories. All other men's and women's REACTION classification products as well as Kenneth Cole New York products will continue to be sold in a wide range of better department, specialty and company-owned stores.
Jill Granoff, Chief Executive Officer, concluded, "We are pleased with the progress we are making as a Company in terms of brand development, inventory management, margin improvement and cost reductions. We have demonstrated quarter over quarter improvement throughout 2009 and returned to profitability in the back half of the year. We believe that the path we are on will lead to further improvements in financial performance, incremental opportunities for growth, and the creation of value for our consumers, customers, partners and shareholders."
Kenneth Cole Productions, Inc. designs, sources, and markets a broad range of footwear, handbags, apparel and accessories under the brand names Kenneth Cole New York; Kenneth Cole Reaction; Unlisted; and Le Tigre, as well as footwear under the proprietary trademark Gentle Souls.
Kenneth Cole, Chairman and Chief Creative Officer, commented, "We are pleased with the strong reception our products received from both customers and consumers over the holiday season. We are showing improvement in many areas of our organization, but our biggest opportunities are still in front of us. In 2010, we must continue to focus on product innovation and execute at a higher level to deliver increased value to our shareholders."
Looking ahead, the Company announced earlier that it had signed a Strategic Alliance Agreement with Macy's for a new, exclusive REACTION Men's Sportswear collection that will launch in time for holiday 2010 in 150 Macy's stores. Distribution is ultimately slated to grow to 550 stores over the next few years, consistent with the REACTION brand penetration in other categories. All other men's and women's REACTION classification products as well as Kenneth Cole New York products will continue to be sold in a wide range of better department, specialty and company-owned stores.
Jill Granoff, Chief Executive Officer, concluded, "We are pleased with the progress we are making as a Company in terms of brand development, inventory management, margin improvement and cost reductions. We have demonstrated quarter over quarter improvement throughout 2009 and returned to profitability in the back half of the year. We believe that the path we are on will lead to further improvements in financial performance, incremental opportunities for growth, and the creation of value for our consumers, customers, partners and shareholders."
Kenneth Cole Productions, Inc. designs, sources, and markets a broad range of footwear, handbags, apparel and accessories under the brand names Kenneth Cole New York; Kenneth Cole Reaction; Unlisted; and Le Tigre, as well as footwear under the proprietary trademark Gentle Souls.
Kenneth Cole Productions
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