Tuesday, Kenneth Cole Productions Inc. (KCP) reported a fourth-quarter net loss of $52.0 million or $2.88 per share, compared to a loss of $12.00 million or $0.67 per share in the same quarter last year.
On an adjusted basis, net income was $3.79 million or $0.21 per share, compared to a loss of $4.82 million or $0.27 per share in the prior year quarter.
On average, three analysts polled by Thomson Reuters expected the company to earn $0.21 per share for the quarter. Analysts' estimates typically exclude special items.
Net revenues in the quarter were $109.4 million, down from $126.6 million in the year-ago quarter. The sales decline was primarily due to the company's planned exit from unprofitable businesses as well as reductions in associated private label programs and off-price distribution.
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