KELLWOOD CO - 10-Q Quarterly Report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

X		QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

		For the quarterly period ended April 30, 2005

		OR
		TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

		For the transition period from to

Commission File Number 1-7340

KELLWOOD COMPANY

(Exact name of registrant as specified in its charter)

DELAWARE		36-2472410
(State or other jurisdiction		(IRS Employer
of incorporation or organization)		Identification Number)

600 KELLWOOD PARKWAY, P.O. BOX 14374, ST. LOUIS, MO		63178
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code	(314) 576-3100

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES X NO

Indicate by check mark whether the registrant is an accelerated filer (as defined by Rule 12b-2 of the Exchange Act). YES X NO

Number of shares of common stock, par value $.01, outstanding at April 30, 2005 (only one class): 27,797,719.

KELLWOOD COMPANY

INDEX

			Page No.
PART I.		FINANCIAL INFORMATION

	Item 1.	Financial Statements (Unaudited):

		Condensed Consolidated Balance Sheet	3

		Condensed Consolidated Statement of Earnings	4

		Condensed Consolidated Statement of Cash Flows	5

		Notes to Condensed Consolidated Financial Statements	6-17

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	18-24

	Item 3.	Quantitative and Qualitative Disclosures about Market Risk	24

	Item 4.	Controls and Procedures	24


PART II.		OTHER INFORMATION

	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	25

	Item 4.	Submission of Matters to a Vote of Security Holders	25

	Item 6.	Exhibits	26

Index

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

KELLWOOD COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)

(Amounts in thousands)


	April 30,			May 1,			January 29,
	2005			2004			2005
ASSETS
Current assets:
Cash and cash equivalents	$	279,243		$	72,672		$	261,395
Receivables, net		375,261			388,317			381,697
Inventories		275,301			247,384			331,602
Current deferred taxes and prepaid expenses		54,421			70,506			55,220
Total current assets		984,226			778,879			1,029,914

Property, plant and equipment, net		93,739			94,706			95,807
Intangible assets, net		188,757			227,298			191,958
Goodwill		224,620			186,597			223,982
Other assets		34,445			31,250			36,641
Total assets	$	1,525,787		$	1,318,730		$	1,578,302


LIABILITIES AND SHAREOWNERS’ EQUITY
Current liabilities:
Notes payable and current portion of long-term debt	$	94		$	18,153		$	149
Accounts payable		143,080			152,353			175,852
Accrued salaries and employee benefits		31,923			38,892			43,787
Other accrued expenses		69,550			80,025			90,359
Total current liabilities		244,647			289,423			310,147

Long-term debt		469,690			271,875			469,657
Deferred income taxes and other		79,461			73,435			77,522

Shareowners’ equity:
Common stock		271,270			267,426			270,264
Retained earnings		570,864			531,027			562,839
Accumulated other comprehensive income (loss)		(10,910	)		(11,581	)		(11,396	)
Less treasury stock, at cost		(99,235	)		(102,875	)		(100,731	)
Total shareowners’equity		731,989			683,997			720,976
Total liabilities and shareowners’ equity	$	1,525,787		$	1,318,730		$	1,578,302

See notes to condensed consolidated financial statements.

Index

	Three Months Ended
	April 30,		May 1,
	2005		2004

Net sales	$	639,379	$	686,103

Costs and expenses:
Cost of products sold		505,256		531,538
Selling, general and
administrative expenses		106,128		106,908
Amortization of intangible assets		3,201		3,466
Interest expense, net		6,634