Kellwood Company reported results for the fourth quarter and fiscal year ended February 3, 2007, according to Robert C. Skinner, Jr., chairman, president and chief executive officer. The Company noted that fiscal 2006 represents a 53-week year with the additional week occurring in the fourth quarter and compares to a 52-week year in fiscal 2005. Fourth Quarter
Net sales totaled $491.9 million, as compared to $446.5 million in the fourth quarter last year. Net earnings from continuing operations were $6.5 million, or $0.25 per diluted share, versus $4.1 million, or $0.16 per diluted share, last year.
Included in net earnings from continuing operations for the current quarter were restructuring and other non-recurring charges of $4.9 million (after tax), or $0.19 per diluted share versus $2.1 million (after tax), or $0.08 per diluted share, last year associated with the Company's previously announced strategic restructuring initiatives. The Company has completed the previously announced restructuring initiatives.
Total net earnings were $7.0 million, or $0.27 per diluted share, versus $12.5 million, or $0.49 per diluted share, in the fourth quarter last year. Included in total net earnings for the fourth quarter were net earnings from discontinued operations of $0.4 million, or $0.02 per diluted share, versus $8.4 million, or $0.33 per diluted share, last year.
On an ongoing basis (continuing operations excluding the restructuring and other non-recurring charges), net sales were $491.9 million as compared to $446.5 million in the fourth quarter last year. Net earnings were $11.4 million, or $0.44 per diluted share, compared to $6.2 million, or $0.24 per share - an 83% increase in diluted earnings per share.
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