Kate Spade tops 3Q profit forecasts
NEW YORK (AP) — Kate Spade & Co. (KATE) on Wednesday reported third-quarter profit of $29.6 million.
On a per-share basis, the New York-based company said it had profit of 23 cents. Earnings, adjusted for pretax gains and to account for discontinued operations, came to 13 cents per share.
The results exceeded Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 8 cents per share.
The clothing, handbag and accessories company posted revenue of $316.5 million in the period, missing Street forecasts. Eight analysts surveyed by Zacks expected $334.1 million.
Kate Spade expects full-year earnings in the range of 63 cents to 70 cents per share, with revenue in the range of $1.37 billion to $1.4 billion.
Kate Spade shares have decreased 8 percent since the beginning of the year. The stock has fallen 11 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on KATE at https://www.zacks.com/ap/KATE
Keywords: Kate Spade, Earnings Report