Gross margin for the fourth quarter was 46.4 percent, a 100 basis point improvement when compared to the year-ago level. SG&A margin for the second quarter was 37.0 percent of revenues versus 35.7 percent in the year-ago quarter, primarily reflecting infrastructure expansion to both support the new brand repositioning strategy and to prepare for the growth which the company expects.
The Company's consolidated inventories of $47.7 million on June 30, 2005 were down 13.1 percent versus the year-ago level of $54.9 million. Wholesale inventories decreased by 20.4 percent to $24.4 million while consumer direct inventories decreased 3.8 percent to $23.3 million, each at highly comfortable levels.
Kenneth Cole Productions Inc also issued revised earnings guidance for the third and fourth quarters of fiscal 2005. The Company now expects third quarter revenues in the range of $140 million to $145 million and earnings per share of $0.48 to $0.52. In the fourth quarter, the Company now expects revenues in the range of $138 million to $142 million and earnings per share of $0.50 to $0.54.
The company also announced today that its board of directors had approved its second quarter dividend of $0.16 per share. The second quarter dividend is payable to shareholders of record as of August 25th and is payable on September 15th.
A famous cataloger Kenneth Cole Productions Inc designs, sources, and markets a broad range of footwear, handbags, and accessories under the brand names "Kenneth Cole New York," "Kenneth Cole Reaction", "Unlisted, a Kenneth Cole Production", "Tribeca", and "Bongo." The company has also granted a wide variety of third party licenses for the production of men's and women's apparel, timepieces, eyewear, and several other accessory categories.
Kenneth Cole Productions Inc
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