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Kate Spade Tops Fourth Quarter Profit Forecasts

Kate Spade shares have increased slightly more than 5 percent since the beginning of the year. The stock has increased 18 percent in the last 12 months.
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  • Associated Press

NEW YORK, United States — Kate Spade & Co. on Thursday reported fourth-quarter earnings of $85.5 million.

On a per-share basis, the New York-based company said it had net income of 66 cents. Earnings, adjusted for non-recurring gains, were 41 cents per share.

The results exceeded Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 35 cents per share.

The clothing, handbag and accessories company posted revenue of $470.8 million in the period, which fell short of Street forecasts. Eight analysts surveyed by Zacks expected $474.3 million.

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For the year, the company reported profit of $153.6 million, or $1.19 per share. Revenue was reported as $1.38 billion.

Kate Spade shares have increased slightly more than 5 percent since the beginning of the year. The stock has increased 18 percent in the last 12 months.

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