For the third quarter of 2013 on a GAAP basis, loss from continuing operations was ($15) million, or ($0.12) per share, compared to loss from continuing operations of ($19) million, or ($0.17) per share, for the third quarter of 2012.
-Reports Q3 2013 adjusted EBITDA of $25 million, net of foreign currency transaction adjustments
- Reports Q3 2013 GAAP loss per share from continuing operations of ($0.12) and adjusted loss per share of ($0.03)
- Kate Spade posts a 76% increase in net sales and a 31% increase in direct-to-consumer comparable sales
- Updates 2013 adjusted EBITDA guidance to a range of $120 to $140 million, which excludes Juicy Couture results and is net of foreign currency transaction adjustments
Net sales for the third quarter of 2013 were $431 million, an increase of $66 million, or 18.1%, from the comparable 2012 period. Adjusted loss per share from continuing operations for the third quarter of 2013 was ($0.03), compared to adjusted loss per share from continuing operations of ($0.05) for the third quarter of 2012.
Adjusted EBITDA, net of foreign currency transaction adjustments, was $25 million for the third quarter of 2013 and $21 million for the third quarter of 2012.
THIRD QUARTER RESULTS
During the fourth quarter of 2012, we determined that our measure of segment profitability is Adjusted EBITDA of each reportable segment. Accordingly, our CEO evaluates performance and allocates resources based primarily on Segment Adjusted EBITDA. Segment Adjusted EBITDA is also a key metric utilized in our annual bonus and long-term incentive plans.
Segment Adjusted EBITDA excludes: (i) depreciation and amortization; (ii) charges due to streamlining initiatives, brand-exiting activities and acquisition related costs; and (iii) losses on asset disposals and impairments. Unallocated Corporate costs also exclude non-cash share-based compensation expense.
Therefore, Segment Adjusted EBITDA does not include Corporate costs associated with the following functions: corporate finance, investor relations, communications, legal, human resources and information technology shared services and costs of executive offices and corporate facilities, which are included in Unallocated Corporate costs.
We do not allocate amounts reported below Operating loss to our reportable segments, other than equity income (loss) in equity method investees. Our definition of Segment Adjusted EBITDA may not be comparable to similarly titled measures of other companies.
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