Kate Spade & Co (KATE) Posts Q1 Loss of 6c/Share

Kate Spade & Co (NYSE: KATE) reported Q1 EPS of ($0.06), $0.02 worse than the analyst estimate of ($0.04). Revenue for the quarter came in at $224 million versus the consensus estimate of $201.28 million.

Comparable adjusted EBITDA, net of foreign currency transaction adjustments, which excludes Juicy Couture and Lucky Brand, was $17 million for the first quarter of 2014 and $8 million for the first quarter of 2013.

Craig A. Leavitt, Chief Executive Officer of Kate Spade & Company, said: "Overall, Kate Spade & Company's performance in the first quarter of 2014 continued to be very strong. For total Kate Spade & Company, comparable net sales were $224 million in the first quarter of 2014, a 43% increase to last year. The Kate Spade segment performed well in the first quarter, delivering an increase of $76 million or 54% to last year, including the benefit of a 14th week in the quarter, with growth across all geographies and categories. Direct to consumer growth was fueled by both door expansion, including two global flagships in Houston and Tokyo, and strong direct to consumer comparable sales growth of 22%, excluding the impact of the extra week. While the promotional environment was much more competitive than last year, we stayed on strategy to build our full-price business in our specialty stores with a focus on client experience and rigorous planning that increased conversions. Our small leather goods and handbag categories led this robust growth. Moreover, we are reaffirming our 2014 Adjusted EBITDA guidance of $115-125 million."

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

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