Kenneth Cole swings to 4th-quarter profit

By @ibtimes on

Clothes and accessories company Kenneth Cole Productions Inc , which is considering a takeover offer from its founder American clothing designer Kenneth Cole, posted a quarterly profit compared with a year-ago loss, helped by a rise in wholesale revenues.

Net income for the fourth quarter was $8 million, or 43 cents a share, compared with a loss of $2.7 million, or 15 cents a share, last year.

The company, founded by Cole in 1982, said revenue rose 8.6 percent to $131.2 million. Wholesale revenue shot up 47 percent to $62.3 million.

Shares of the New York-based company closed at $15.69 on Wednesday on the New York Stock Exchange.

(Reporting by Arpita Mukherjee in Bangalore; Editing by Viraj Nair)

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