USA: Kellwood Posts Q2 Profit Jump On Falling Sales
Apparel producer Kellwood Co on Wednesday posted a big jump in second quarter net profit to $3.9 million from $1.8m in the year-ago period, despite an eight per cent fall in sales to $463m.
The St Louis-based company said in a statement profits from its acquisition of Gerber Childrenswear softened the blow of lower sales and that excluding restructuring costs its quarterly profit $4.4m.
It added it expects sales to rise up to five per cent to $630m during the third quarter, full year sales of around $2.2 billion and full-year net profit of $48m to $50m.
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