Kate Spade & Co. (KATE) Misses Q1 EPS by 2c

Kate Spade & Co. (NYSE: KATE) reported Q1 EPS of $0.05, $0.02 worse than the analyst estimate of $0.07. Revenue for the quarter came in at $271 million versus the consensus estimate of $299.75 million.

Craig A. Leavitt, Chief Executive Officer of Kate Spade & Company, said: "Despite a challenging retail environment and the later Easter holiday, we achieved yet another quarter of double-digit eCommerce comparable sales growth, which helped offset softness in bricks and mortar stores. Against this backdrop, we delivered strong gross margin expansion while working to drive profitable growth across our categories and channels. At the same time, our Board of Directors, together with management, continue to evaluate strategic alternatives to further maximize value for our shareholders."

George Carrara, President and Chief Operating Officer of Kate Spade & Company, added: "We delivered over 140 basis points of gross margin expansion in the first quarter driven by operational efficiencies and our continued focus on quality of sale amidst a highly promotional environment. In addition, we continued to generate robust cash flow over the past twelve months and ended the quarter with $422 million in cash. We delivered these solid results despite the factors that negatively impacted our first quarter performance."

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

You May Also Be Interested In

• Netflix climbs following Ackman stake, up 1.8%
• Buda Juice, Inc. (BUDA) Reports Q2 EPS of $0.04
• Beyond Air, Inc. (XAIR) Tops Q1 reported Q1 Revenue ; Offers Guidance