Kate Spade & Co. (KATE) Tops Q3 EPS by 4c; Reaffirms
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Kate Spade & Co. (NYSE: KATE) reported Q3 EPS of $0.13, $0.04 better than the analyst estimate of $0.09. Revenue for the quarter came in at $317 million versus the consensus estimate of $310.94 million.
Kate Spade & Co. sees FY2016 EPS of $0.63-$0.70, versus the consensus of $0.65. Kate Spade & Co. sees FY2016 revenue of $1.37-1.4 billion, versus the consensus of $1.38 billion.
Craig A. Leavitt, Chief Executive Officer of Kate Spade & Company, said: "In the third quarter, several macroeconomic factors, including a challenging retail environment and continuing tourist headwinds, impacted our results. That said, we are making solid progress on several strategies that are continuing to drive growth in our business, which is reflected in the consumer's strong response to our collections at full-price. We remain focused on the factors we can control as we continue to grow our business and execute our long-term strategy, maintaining our commitment to become a $4 billion business at retail."
George Carrara, President and Chief Operating Officer of Kate Spade & Company, added: "In the third quarter, we delivered direct-to-consumer comparable sales growth of 7% and top-line growth of 15%. While gross margin pressures have increased in our off-price business, we were able to offset these conditions through strong expense controls. We expect that these efforts, which enabled us to achieve Adjusted EBITDA margin expansion for the third quarter, will help us achieve our 2016 guidance. We remain confident in our long-term strategy."
For earnings history and earnings-related data on Kate Spade & Co. (KATE) click here.
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