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Kenneth Cole reduces dividend to $0.09 per quarter
Mar '08
Kenneth Cole Productions Inc reported financial results for the fourth quarter and full year ended December 31, 2007. The Company's fourth quarter net revenues were $132.1 million, a decrease of 2.1% from the year ago quarter.

The Company reported a fourth quarter loss per fully-diluted share of $(0.16), driven by a one-time impairment charge related to its full price retail stores of $(0.33) per share. Excluding this charge, the Company's earnings would have been $0.17 per share, in line with its recent guidance.

Fourth quarter wholesale revenues were $61.9 million, down 3.1% versus the prior year's level of $63.9 million. Consumer direct revenues for the fourth quarter decreased to $57.6 million versus $58.4 million in the same quarter last year, with a comparable store sales decline of 0.6% versus the year-ago quarter. Licensing revenue for the fourth quarter was $12.6 million, flat to last year.

Gross margin for the fourth quarter was up slightly, rising to 45.6%, versus the year-ago level of 45.5%. SG&A expense as a percent of sales for the fourth quarter was 43.1% versus 36.8% in the year-ago quarter, due primarily to development costs for the launch of men's sportswear, increased marketing expenses for the company's 25th anniversary campaign, and growth in non-cash compensation.

The Company's consolidated inventories increased 3.8% to $48.0 million on December 31, 2007 versus the year-ago level of $46.3 million. Consumer direct inventories increased 5.2% to $22.3 million, while wholesale inventories increased 2.6% to $25.7 million.

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