Financial Contact: Gerald M. Chaney, (314) 576-3486, Fax: (314) 576-3439 OR
Roger D. Joseph, (314) 576-3437, Fax: (314) 576-3325
Media Contact: Donna B. Weaver, (212) 575-7467, Fax: (212) 575-5339
FOR IMMEDIATE RELEASE
KELLWOOD WILL NOT ACHIEVE ANALYSTS'
SECOND QUARTER SALES AND EARNINGS PROJECTIONS
ST. LOUIS, MO, August 10, 2000 - Hal J. Upbin, chairman, president and chief
executive officer of Kellwood Company, announced today that Kellwood will not
achieve analysts' projections for the second quarter ended July 31, 2000. "While
we remain optimistic regarding the overall Fall/Holiday shipping period, the
soft demand for Spring/Summer apparel at retail resulted in delaying early Fall
delivery of product to the stores in July. Additionally, allowances necessary to
assist the stores in clearing out summer seasonal merchandise have resulted in a
higher level of markdowns than originally expected. As a result, we do not
believe we can achieve the sales and earnings forecasted by the financial
community for the second quarter," said Upbin.
"We now anticipate sales for the second quarter will be approximately
$470 million, essentially flat in comparison to last year's quarter. Net
earnings are expected to be about $6.5 million with diluted earnings per share
of $0.28 for the quarter versus $9.6 million, or $0.34 per share, for the
quarter last year," said Upbin.
"Between now and August 24, when we report our second quarter results,
we expect to announce an acquisition with sales in excess of $100 million.
During our quarterly conference call, we will address the outlook for the year
ending January 31, 2001," Upbin added. The call will take place on August 24 at
2 p.m. Central time.
Kellwood Company (NYSE: KWD) is a $2.2 billion marketer of apparel and
recreational camping products. For more about Kellwood, visit the Company's web
site at www.kellwood.com.
Statements in this news release that are not strictly historical are
"forward-looking" statements within the meaning of the safe harbor provisions of
the federal securities laws. Actual results may differ materially due to risks
and uncertainties that are described in the company's Form 10-K for the
transition period ended January 31, 2000 and other filings with the Securities
and Exchange Commission.
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