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Kate Spade Misses Street 2Q Forecasts

Kate Spade & Co. on Wednesday reported second-quarter net income of $8.5 million, after reporting a loss in the same period a year earlier.
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  • Associated Press

NEW YORK, United States — Kate Spade & Co. on Wednesday reported second-quarter net income of $8.5 million, after reporting a loss in the same period a year earlier.

On a per-share basis, the New York-based company said it had net income of 7 cents. Earnings, adjusted for non-recurring costs and to account for discontinued operations, were 8 cents per share.

The results did not meet Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 11 cents per share.

The clothing, handbag and accessories company posted revenue of $281.1 million in the period, which also missed Street forecasts. Four analysts surveyed by Zacks expected $294 million.

Kate Spade shares have dropped 35 percent since the beginning of the year. The stock has dropped 45 percent in the last 12 months.

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