Kate Spade Posted Mixed Q4 Results

Kate Spade & Co reported mixed fourth-quarter results. For the three months ended Jan 3, net income was down 31.7 percent to $126.5 million, or 99 cents a diluted share, from $185.2 million, or $1.48, a year ago. The quarter included a benefit of $88 million from the reversal of income tax reserves. Net sales rose 44.7 percent to $398.6 million from $275.4 million. Direct-to-consumer sales rose 28 percent in the quarter. By geography, overall Kate Spade North American sales rose 50.5 percent, while Kate Spade International grew 56 percent. Craig A. Leavitt, chief executive officer, said, “We are rapidly becoming a powerful, global, multichannel lifestyle brand across men’s, women’s, children and home.” Separately, the company said it is expanding its home categories for the Kate Spade brand in four new areas through new licenses. The new categories include bedding, bath, furniture, fabric, wall paper and rugs. The brand already has tabletop, table linens and kitchen textiles.

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