Kate Spade tops 3Q net income expectations, misses revenue forecasts

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NEW YORK — Kate Spade & Co. (KATE) on Thursday reported third-quarter net income of $2.3 million, after reporting a loss in the same period a year earlier.

On a per-share basis, the New York-based company said it had profit of 2 cents. Earnings, adjusted for non-recurring costs and to account for discontinued operations, were 6 cents per share.

The results topped Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 4 cents per share.

The clothing, handbag and accessories company posted revenue of $277.3 million in the period, missing Street forecasts. Five analysts surveyed by Zacks expected $288.7 million.

Kate Spade shares have fallen 38 percent since the beginning of the year. The stock has declined 26 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 http://www.zacks.com/ap/KATE


Keywords: Kate Spade, Earnings Report

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