Kenneth Cole Productions Inc. (NYSE: KCP) reported Thursday that it believes its fourth quarter adjusted results will beat expectations due to its better-than-expected holiday season, according to Associated Press.
The company announced preliminary earnings Thursday, saying it anticipates adjusted earnings of 21 cents per share for the quarter, above its prior guidance of 4 to 8 cents per share.
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Analysts polled by Thomson Reuters expect the company to earn 9 cents per share for the quarter, which typically does not include one-time items.
The footwear company is anticipating $63 million in non-cash charges for the quarter tied to impairment charges and other special items. Including these adjustments, the company expects to report a loss of $2.88 per share for the quarter.
Kenneth Cole said revenue should be approximately $110 million for the quarter, which is in line with its prior guidance of $107 to $112 million. Analysts expect $100.9 million in revenue for the quarter.
Kenneth Cole said the company improved its margins and trimmed costs, which had a positive effect on its fourth-quarter results. In addition, the company said it expects to report a year-over-year improvement in the first quarter, breaking even on a per share basis for the quarter, versus a loss of 41 cents in the prior year. Analysts anticipate a loss of 2 cents per share for the first quarter.
The company is expected to report its results on March. 2.
Kenneth Cole announced the news after the close of regular stock trading, where its shares closed up 33 cents at $10.48. Shares rose 27 cents in after-hours trading.
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