Kenneth Cole Productions (New York) announced record-breaking fourth quarter net revenues, increased by 16.7 percent over a year ago, for the three months ending Dec. 31, 2002.
For the full fiscal year, the company reported an 11.6 percent increase in net revenues.
“We were pleased with the performance of each of our businesses during the fourth quarter,” said chairman and ceo Kenneth Cole. “Our intense focus on design and product, improved inventory controls and an increasingly diversified brand, gender and channel mix has enabled us to respond to growth opportunities as they became available in this difficult market. Not only did our wholesale business continue its strong pace, but licensing revenues grew strongly as did the profitability of our consumer direct division.”
Wholesale revenues for the fourth quarter increased 23.5 percent and consumer direct revenues increased 5.5 percent, driven mostly by a 1.3 percent increase in comparable-store sales.
For the year, wholesale revenues increased 18.9 percent and consumer direct revenues increased 0.7 percent, due partly to a same-store sales decline of 5.9 percent.
Kenneth Cole Productions designs and manufacturers apparel and accessories under the Kenneth Cole New York, Reaction Kenneth Cole and Unlisted brands and licenses its name to products such as hosiery, luggage, watches and eyewear carried in more than 4100 department and specialty stores plus its own chain of retail stores.