Kenneth Cole Swings to Quarterly Loss (Updated)
Updated from 4:42 EDT
Kenneth Cole Productions (KCP) swung to a loss in the first quarter, hurt by consumers tightening their purses and inventory cutbacks at retailers.
During the quarter, the company posted a loss of $8.2 million, or 46 cents a share, from a profit of $807,000, or 4 cents, in the year-ago period.
Excluding items, the company lost 41 cents a share. Analysts were expecting a loss of 42 cents a share.Sales declined 16% to $94.4 million from $112.6 million last year. Going forward, the company announced that it expects to see some improvement in the second half of the year. Shares of the shoe and clothing maker were up 8%, to close at $8.77.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV