Home / Knowledge / News / Apparel/Garments / Kate Spade & Company Q1 net sales soar 33.5%
Kate Spade & Company Q1 net sales soar 33.5%
14
May '14
Kate Spade & Company announced results for the first quarter of 2014. For the first quarter of 2014 on a GAAP basis, loss from continuing operations, which includes the continuing operations of the Juicy Couture Brand and excludes Lucky Brand, was ($55) million, or ($0.44) per share, compared to a loss from continuing operations of ($40) million, or ($0.33) per share, for the first quarter of 2013.
 
Highlights: 
-Q1 Kate Spade segment direct to consumer comparable sales growth of 22% excluding the benefit of a 14th week in the quarter
-Kate Spade segment sales increased $76 million, or 54%, to $217 million in Q1 2014 compared to Q1 2013 including the benefit of a 14th week in the quarter
-Q1 2014 comparable adjusted EBITDA of $17 million compared to $8 million for the first quarter of 2013
-Completes refinancing of High Yield Notes, resulting in annualized cash interest savings in excess of $20 million
-Reaffirms full year 2014 adjusted EBITDA guidance of $115 million - $125 million
 
Net sales for the first quarter of 2014, which includes the continuing operations of Juicy Couture and excludes Lucky Brand, were $328 million, an increase of $82 million, or 33.5%, from the comparable 2013 period. Adjusted loss per share from continuing operations for the first quarter of 2014 was ($0.06), compared to ($0.16) for the first quarter of 2013.
 
Adjusted EBITDA, net of foreign currency transaction adjustments, which includes the continuing operations of Juicy Couture and excludes Lucky Brand, was $17 million for the first quarter of 2014 and ($4) million for the first quarter of 2013.
 
Net sales on a comparable basis that excludes Juicy Couture and Lucky Brand were $224 million in first quarter of 2014, an increase of $67 million, or 42.9%, from the comparable 2013 period.
 
Comparable adjusted EBITDA, net of foreign currency transaction adjustments, which excludes Juicy Couture and Lucky Brand, was $17 million for the first quarter of 2014 and $8 million for the first quarter of 2013.
 
Craig A. Leavitt, Chief Executive Officer of Kate Spade & Company, said, "Overall, Kate Spade & Company's performance in the first quarter of 2014 continued to be very strong. For total Kate Spade & Company, comparable net sales were $224 million in the first quarter of 2014, a 43% increase to last year. The Kate Spade segment performed well in the first quarter, delivering an increase of $76 million or 54% to last year, including the benefit of a 14th week in the quarter, with growth across all geographies and categories.  Direct to consumer growth was fueled by both door expansion, including two global flagships in Houston and Tokyo, and strong direct to consumer comparable salesgrowth of 22%, excluding the impact of the extra week.
 
Click here to view full results.
 

Kate Spade & Company

Must ReadView All

Textiles | On 25th May 2017

Huntsman and Clariant to have merger of equals

Huntsman Corporation and Clariant have announced that their boards of ...

Courtesy: CBRE

Apparel/Garments | On 25th May 2017

European cities preferred for retailer expansion: CBRE

European cities were the preferred new destination for international...

Apparel/Garments | On 25th May 2017

Guess records $458.6 million revenue for Q1 2018

For the first quarter of fiscal 2018, the net revenue of American...

Interviews View All

Ghanshyam Ghoghari
Kimora Fashion

Bridalwear is not about reds and whites anymore

Smith Vaghasia
Sanado India

Online remains the best destination for shopping

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
May 2017

May 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search