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Footwear marketer Kenneth Cole declares $0.16 dividend per share

29
Jul '05
Online fashion store Kenneth Cole announces second quarter results. The company reported financial results for the second quarter ended June 30, 2005.

The company's second quarter net revenues increased 5.6 percent to $119.3 million. Second quarter earnings per fully-diluted share increased to $0.38 versus $0.34 in the year-ago period, in line with expectations.

- Reports Earnings Per Share Increase of 12 percent to $0.38 vs. Year-Ago $0.34

- Company To Accelerate Strategic Brand Repositioning,

- Expects Near-Term Financial Impact, Long-Term Benefits

Chairman and Chief Executive Officer Kenneth Cole said, "They are pleased to have completed the second quarter on plan with respect to both their operational and financial goals."

They also made strides in their plan to elevate and reposition their brands. Given the success of such and because of the rapidly changing specialty and department store environments, they have decided to accelerate this strategy.

Although this will likely result in some pressure on second half results, they are confident that this is the best decision for the business and it will ultimately generate more meaningful returns, including a stronger, more viable, and relevant business model.

Second quarter wholesale revenues of $62.9 million were up 6.7 percent versus the prior year's level of $58.9 million. Consumer direct revenues for the second quarter increased 3.6 percent to $46.4 million versus $44.8 million in the same quarter last year. Sales associated with square footage growth offset a comparable store sales decline of 4.0 percent in the quarter. Licensing revenue for the second quarter increased by 7.7 percent to $10.1 million versus $9.3 million in the same quarter of the prior year.


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