Kate Spade Sales Growth
Increases direct-to-consumer comparable sales growth guidance to a range of 9% - 11%.
Net sales for the second quarter of 2015, excluding sales for wind-down operations, were $273 million, an increase of $46 million, or 20.1% compared to the second quarter of 2014, adjusting 2014 net sales for wind-down operations and excluding changes in foreign currency exchange rates and 2015 strategic initiatives.
Refer to the table entitled «Reconciliation of Non-GAAP Net Sales Information» for a reconciliation from GAAP results. Reported net sales for the second quarter of 2015 were $281 million, an increase of $15 million, or 5.7%, from the comparable 2014 period. Second quarter 2015 direct-to-consumer comparable sales growth was 10%, or 12% excluding eCommerce.
Comparable sales per square foot for kate spade new york were $1,495 for the latest twelve months, compared to $1,538 for the twelve month period ended April 4, 2015. The sales per square foot for kate spade new york comparable stores for the latest twelve months increased compared to the prior period when adjusting both periods to (i) include in comparable sales the results of stores that were relocated to former Juicy Couture locations and became non-comparable during 2014 and (ii) remove the impact of changes in foreign currency exchange rates.
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.» He 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.»