Kate Spade & Co. (KATE) Misses Q2 EPS by 3c

Kate Spade & Co. (NYSE: KATE) reported Q2 EPS of $0.08, $0.03 worse than the analyst estimate of $0.11. Revenue for the quarter came in at $273 million versus the consensus estimate of $292.38 million.

Direct-to-customer comps rose 10 percent, versus expectations of an 8.3 percent gain. DTC, ex. commerce, rose 12 percent.

Craig A. Leavitt, Chief Executive Officer of Kate Spade & Company, said: "Our second quarter results demonstrate our focus on building a diverse business model that will drive sustainable, long-term growth. Our strategy is centered on key factors that differentiate Kate Spade & Company – including our lifestyle brand vision, partnered approach to expansion and efforts to build quality of sale. Our success with new product introductions shows that we are resonating with our existing customers, as well as attracting new customers to our brand across our four category pillars. We are driving clear results, including direct-to-consumer comparable sales growth of 10% versus last year."

Mr. Leavitt concluded: "As we become an enduring lifestyle brand, we continue to concentrate on building brand equity, generating awareness and managing our points of distribution to drive sales and profitability."

Guidance:

The company raised the low end of full year Adjusted EBITDA range, with revised guidance of $190 million to $200 million, excluding wind-down operations.

For earnings history and earnings-related data on Kate Spade & Co. (KATE) click here.

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