Home / Knowledge / News / Apparel/Garments / Apparel marketer Kate Spade inks 20% hike in Q2FY16 sales
Apparel marketer Kate Spade inks 20% hike in Q2FY16 sales
06
Aug '15
NYSE listed and apparel marketer Kate Spade & Company inked a 20 per cent hike in year over year sales for the three months to July 4, 2015.

Net sales for the second quarter of fiscal 2016, excluding sales for wind-down operations, were $273 million, up $46 million or 20 per cent over the fiscal ago quarter.

Reported net sales for the quarter under review totaled $281 million, an increase of $15 million or 5.7 per cent from the comparable period of fiscal 2015.

For the reporting quarter, gross profit as a percentage of net sales was 61.6 per cent, excluding the impact of wind-down operations and 61.0 per cent on a reported basis.

“As against this, gross profit as a percentage of net sales was 58.6 per cent in the fiscal ago quarter, which included the unfavourable impact of the Kate Spade Saturday inventory liquidations,” Kate Spade added.

Second quarter of fiscal 2016 SG&A expenses amounted to $143 million, or 52.3 per cent of net sales, excluding the results of wind-down operations and expenses associated with streamlining activities.

On a reported basis, SG&A expenses increased to $154 million, or 54.8 per cent of net sales in the second quarter of fiscal 2016 from $146 million, or 54.9 per cent of net sales in the previous fiscal's second quarter.

“Interest expense, net declined to $5 million in the second quarter of fiscal 2016, compared to $6 million in the second quarter of fiscal 2015,” the apparel marketer informed.

Net debt too decreased to $171 million as on July 4, 2015 from $232 million at the end of the second quarter of fiscal 2015, primarily due to the prepayment of the Lucky Brand seller note.

For the second quarter of fiscal 2016, on a GAAP basis, income from continuing operations was $9 million, or $0.07 per share.

This compares with a loss from continuing operations of $14 million, or $0.11 per share in the prior fiscal second quarter.

Adjusted diluted earnings per share from continuing operations in the second quarter of 2015 stood at $0.08 as against $0.05 per share in the second quarter of fiscal 2015.

CEO Craig Leavitt 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,” he too added.

“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,” Leavitt observed. (AR)

Fibre2Fashion News Desk – India

Must ReadView All

Apparel/Garments | On 27th Apr 2017

Boohoo's revenue increases 51% to reach £294.6 mn

Fashion e-commerce marketplace Boohoo has recorded a 51 per cent...

Apparel/Garments | On 27th Apr 2017

Amazon catching up with Flipkart in India: RedSeer

Online marketplace Amazon India has caught up with its biggest rival...

Textiles | On 27th Apr 2017

Seven new organisations join ZDHC Programme

The Zero Discharge of Hazardous Chemicals (ZDHC) Programme from...

Interviews View All

Spokesperson
Hugo Boss

'Hugo Boss works with carefully selected sourcing partners'

Manuj Terapanthi
Texaura

Transparent supply chain and fair trade will boost sustainable market

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Pranav Mishra
Huemn

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

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

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:
April 2017

April 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