Men's & women's latest fashion provider Kenneth Cole Productions Inc reported financial results for the first quarter ended March 31, 2006.
The company's first quarter revenues were $122.6 million, down 5.6 percent from the year ago quarter.
This decline was primarily the result of a slower than anticipated start-up of a new third-party distribution center that shifted approximately $7 million of shipments from March into April. Consumer direct comparable store sales were also lower than expected.
First quarter earnings per fully-diluted share were $0.15, versus the year ago quarter earnings of $0.37 per share. The Company noted that had all wholesale orders shipped as planned, sales and earnings results would have been in-line with its previous guidance for revenues of $127 to $132 million and earnings of $0.20 to $0.22 per share.
First quarter wholesale revenues were $75.9 million, down 5.1 percent versus the prior year's level of $79.9 million.
Consumer direct revenues for the first quarter decreased 10.0 percent to $36.3 million versus $40.4 million in the same quarter last year, with a comparable store sales decline of 13.5 percent versus the year-ago quarter.
Licensing revenue for the first quarter increased by 8.0 percent to $10.4 million versus $9.6 million in the same quarter of the prior year.
The Company's consolidated inventories of $53.7 million on March 31, 2006 were up 7.2 percent versus the year-ago level of $50.1 million.
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