Kellwood Co. earnings were cut in half in the third quarter, due to heavy restructuring costs and the recent loss of licenses.
For the three months ended Oct. 28, earnings of the $1.9 billion St. Louis manufacturer fell 50 percent, to $8.1 million, or 31 cents a diluted share, compared with $16.2 million, or 60 cents, in the same period a year ago.
Sales declined less than 1 percent, to $516.4 million from $520 million; reduced markdowns offset the loss of the Izod and Polo licenses, Kellwood said Friday.
The firm took a one-time after-tax hit of $12.1 million, or 47 cents per diluted share, for restructuring costs as part of an ongoing initiative.
For complete coverage see Monday’s issue of WWD.