US: Kenneth Cole Q1 losses narrow
- Q1 net losses narrowed to US$1.8m
- Revenue slipped 0.6% to $116.8m
- Gross profit up 140 basis points to 36.9%
Kenneth Cole Productions saw first-quarter net losses narrow as lower costs helped offset flat sales.
The footwear company said yesterday (3 May) that net losses narrowed to US$1.8m over the quarter ended 31 March, from a loss of $17.2m in the same period last year. Revenue slipped 0.6% to $116.8m from $117.5m.
Wholesale revenue rose 3% to $76.7m, while consumer direct revenue fell 6.7% to $31m, which the firm attributed to fewer stores and a comparable store sales decline of 2%.
Gross profit improved by 140 basis points to 36.9%, primarily due to a reduction in clearance activity against the prior year. Operating costs fell 20.1% to $46.9m.
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