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.
Keywords: Kate Spade, Earnings Report