Kellwood Company reported results for the first quarter ended May 5, 2007, according to Robert C. Skinner, Jr., chairman, president and chief executive officer.
First Quarter: Net sales totaled $484.4 million, as compared to $493.8 million in the first quarter last year. Net earnings from continuing operations were $5.9 million, or $0.23 per diluted share, versus $1.1 million, or $0.04 per diluted share, last year.
Included in net earnings from continuing operations for the quarter last year were restructuring and other non-recurring charges of $2.9 million (after tax), or $0.11 per diluted share associated with the Company's recently completed strategic restructuring initiatives.
Total net earnings were $7.4 million, or $0.28 per diluted share, versus $9.2 million, or $0.36 per diluted share, in the first quarter last year. Included in total net earnings for the first quarter were net earnings from discontinued operations of $1.4 million, or $0.06 per diluted share, versus $8.1 million, or $0.31 per diluted share, last year.
Results of discontinued operations in the 2006 first quarter include a $6.3 million reversal of an allowance for tax exposures no longer deemed necessary due to the finalization of an open tax year.
For the first quarter, on an ongoing basis (continuing operations excluding the restructuring and other non-recurring charges), net sales were $484.4 million as compared to $493.8 million in the first quarterlast year.
marketing@alchempro.com
