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Kenneth Cole records a drop in Q2 profits

American contemporary brand and retailer Kenneth Cole has posted a 38.2% decline in profit for the second quarter to June 30.

The New York-based clothing, footwear and accessories business said net income dropped to $5.8m (£3.53m), compared with year-ago income of $9.4m (£5.73m).

Sales also fell by 5.4% to $91.6m (£55.8m) down from $96.9m (£59m), a year earlier.

“Although second quarter results were consistent with our short-term expectations, we are by no means satisfied and are dedicated to improving every aspect of our business,” said Kenneth Cole chief executive Paul Blum. “We are focused on creating great product, more effective marketing and improving the performance of our operating segments across the board.”

The firm said it anticipates its third-quarter profits to be better than the second quarter performance.

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