Kellwood reshuffles Oakland Operation to focus on developing Koret brand
28 Jul '05
6 min read
Updated Financial Guidance
Separately, the Company indicated that it is reducing its earnings outlook for the second quarter and fiscal 2005 year.
For the second quarter, the Company continues to estimate sales of $560 to $570 million, as compared to actual sales of $560 million in the second quarter last year. Net earnings in the second quarter of fiscal 2005 are currently expected to approximate $0.6 million, or $0.02 per diluted share, which is prior to the recognition of tax benefits from the repatriation of foreign earnings, which is discussed on page 3 and before the restructuring charge.
This compares to the Company's previous guidance for net earnings in the range of $10.5 million, or $0.38 per diluted share and versus actual second quarter fiscal 2004 net earnings of $10.2 million, or $0.36 per diluted share. On an ongoing basis, as if the restructuring was complete at the beginning of fiscal 2005, the Company expects second quarter net earnings of $5.3 million, or $0.19 per diluted share.
The Company expects to report actual results for the second quarter of fiscal 2005 on Thursday, September 1, 2005.
For the fiscal 2005 year, the Company currently expects sales in the range of $2.425 billion, the same as previously forecasted. This compares to actual fiscal 2004 sales of $2.56 billion. The Company's current sales guidance for the year includes sales from divisions and brands that will be exited or restructured. Net earnings for the fiscal 2005 year are currently estimated in the range of $37 million to $38 million, or approximately $1.35 per diluted share, which is before recognition of the tax benefit from the repatriation of foreign earnings and prior to the restructuring charge.
marketing@alchempro.com
