Kate Spade First quarter 2015 Net Sales UP 28%

First quarter 2015 adjusted diluted earnings per share of $0.03, excluding a loss of ($0.02) related to results of wind-down operations.

The Luxonomist. 08/05/2015
Kate Spade NY
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Kate Spade & Company (NYSE: KATE)  announced results for the first quarter ended April 4, 2015.  Net sales for the first quarter of 2015, excluding sales for wind-down operations, were $240 million, an increase of $53 million, or 28.4% compared to the first quarter of 2014, adjusting 2014 net sales for wind-down operations and excluding the impacts of the 53rd week, 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 first quarter of 2015 were $255 million, an increase of $32 million, or 14.2%, from the comparable 2014 period. Craig A. Leavitt, Chief Executive Officer of Kate Spade & Company, said:  «This quarter, our overall performance reflects positive momentum across our four category pillars – women’s, men’s, children’s and home – with a pro-forma net sales increase of 28% and direct-to-consumer comparable sales growth of 9%. Our channel-agnostic approach and emphasis on improving quality of sale continue to drive brand awareness, customer engagement and product demand.»

Mr. Leavitt concluded: «Looking ahead, we’ll continue to focus on driving profitability, accelerating growth across geographies and product categories and broadening our customer base. We are confident in the strength of our business model and are making significant progress toward becoming a $4 billion business at retail.»

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George Carrara, President and Chief Operating Officer of Kate Spade & Company, added:  «We are pleased with our overall first quarter profitability and reaffirm our 2015 guidance as we remain steadily on course to achieve full year Adjusted EBITDA margin in excess of 15%.  We continue to focus the use of capital and resources to maximize profitability.»

For the first quarter of 2015 on a GAAP basis, loss from continuing operations was $54 million, or ($0.42) per share, compared to loss from continuing operations of $38 million, or ($0.31) per share, for the first quarter of 2014. Adjusted diluted earnings per share from continuing operations in the first quarter of 2015 were $0.01, compared to an adjusted loss of ($0.04) per share in the first quarter of 2014.

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Kate Spade North America net sales for the first quarter of 2015, excluding sales for wind-down operations, were $187 million, an increase of $44 million, or 30.8% compared to the first quarter of 2014, adjusting for wind-down operations and excluding the impacts of the 53rd week, changes in foreign currency exchange rates and quality of sale initiatives in 2014.  Reported net sales for the first quarter of 2015 were $196 million, an increase of $32 million, or 19.4%, from the comparable 2014 period. The store counts at the end of the quarter excluded 1 specialty and 1 outlet store for Kate Spade Saturday expected to close in the second quarter of 2015.

Kate Spade North America Segment Adjusted EBITDA Excluding Wind-Down Operations was $20 million (10.9% of net sales) for the first quarter of 2015.  Kate Spade North America Segment Adjusted EBITDA, including results of wind-down operations was $18 million (9.2% of net sales) for the first quarter of 2015, compared to $16 million (9.9% of net sales), for the first quarter of 2014.

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Kate Spade International net sales for the first quarter of 2015, excluding sales for wind-down operations, were $47 million, an increase of $7 million, or 18.0%, adjusting for wind-down operations and excluding the impacts of the 53rd week and changes in foreign currency exchange rates.  Reported net sales for the first quarter of 2015 were $52 million, a decrease of $1 million, or (1.7)%, from the comparable 2014 period.

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