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Investors of Kate Spade & Co (NYSE: KATE) weren't too happy with the outlook provided by it though its second quarter results topped estimations.
The company reported Income from continuing operations of $25 million or $0.19 per share in the second quarter, which was sharply higher than $9 million or $0.07 per share recorded n the year-ago period. Its earnings per share from continuing operations using a normalized tax rate were $0.11, up from $0.08 in the second quarter of 2015. Street analysts expected the company to deliver an EPS of $0.14.
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Kate Spade's net sales were $320 million representing an increase of $39 million or 13.7 percent from the previous year period. Excluding sales for wind-down operations, its net sales would have increased $47 million or 17.2 percent. Analysts predicted $318.55 million.
Its direct-to-consumer comparable sales growth was 4 percent or 1 percent excluding eCommerce. Comparable sales per square foot for kate spade New York stores rose to $1,619 for the latest twelve months from $1,611 for the twelve month period ended April 2, 2016.
CEO Craig Leavitt said, "As we navigate these broader industry trends, we remain very confident in our long-term growth initiatives and have a number of strategies in place to drive our business in the second half of 2016. We continue to focus on the factors we can control, executing our long-term strategy and continuing to grow as a global, multi-channel lifestyle brand."
Moving ahead, Kate expects EPS of 0.63-$0.70 using the normalized tax rate of 40 percent on net sales of $1.37-$1.4 billion. Analysts are looking for an EPS of $0.78 on revenue of $1.41 billion.
At time of writing, shares of the company traded $0.16 or 0.79 percent down at $19.98 continuing the weak sentiments of Tuesday.
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