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Kellwood's Q3 shines on focused lifestyle sales

Sep '05
Louis Missouri based consumer soft goods marketer Kellwood Company reported results for the second quarter and first six month period ended July 30, 2005, according to Robert C. Skinner, Jr., President and Chief Executive Officer.

Sales for the second quarter increased $2 million to $562 million, as compared to $560 million last year. The net loss for the second quarter was $(79.4) million, or $(2.86) per diluted share, as compared to net earnings of $10.2 million, or $0.36 per diluted share last year.

Included in the loss for the quarter were impairment, restructuring and related non-recurring charges of $(93.4) million, or $(3.36) per share related to the Company's previously announced strategic initiatives that focus on increasing its penetration of consumer lifestyle brands while reducing exposure to smaller volume brands and certain private label businesses.

Partially offsetting this charge was a one- time tax benefit for the repatriation of foreign earnings of $13 million, or $0.47 per diluted share.

For the second quarter, on an ongoing basis, (excluding the impairment, restructuring and related non-recurring charges, repatriation tax benefit and losses from businesses that the Company plans to exit):

- Net sales totaled $488 million, rising $5 million from $483 million in the second quarter of fiscal 2004;
- Net earnings were $5.6 million, or $0.20 per diluted share, compared to $10.9 million, or $0.39 per diluted sharefrom ongoing operations last year.

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