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.

Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

More from Earnings

Walmart Snags Top Spot on Fortune 500 List for Sixth-Straight Year

Walmart Snags Top Spot on Fortune 500 List for Sixth-Straight Year

Listen: Should You Buy Cisco Now?

Listen: Should You Buy Cisco Now?

Week Ahead: Investors Keep Economy in Check as Trade, North Korea Talks in Limbo

Week Ahead: Investors Keep Economy in Check as Trade, North Korea Talks in Limbo

3 Must Reads on the Market From TheStreet's Top Columnists

3 Must Reads on the Market From TheStreet's Top Columnists

J.C. Penney Gets Obliterated After Issuing Weak Outlook

J.C. Penney Gets Obliterated After Issuing Weak Outlook