• Home
  • News
  • Business
  • Kate Spade Q3 net sales soar 30 percent

Kate Spade Q3 net sales soar 30 percent

By Prachi Singh

loading...

Scroll down to read more

REPORT_ Kate Spade & Company has announced that for the third quarter ended October 4, 2014 its net sales were 250 million dollars, an increase of 58 million dollars, or 30 percent, from the comparable 2013 period, reflecting increases of 36.4 percent in the Kate Spade North America segment and 32.8 percent in the Kate Spade International segment, partially offset by a 7 percent decrease in net sales in the Adelington Design Group segment.

Adjusted EBITDA, net of foreign currency transaction adjustments, was 21 million dollars for the third quarter of 2014, compared to 11 million dollars for the third quarter of 2013. Comparable adjusted EBITDA, net of foreign currency transaction adjustments, was 12 million dollars for the third quarter of 2013.

Commenting on the results, Craig A. Leavitt, Chief Executive Officer of Kate Spade & Company, said, “This quarter, we made great strides against our strategic plan for growth. We achieved impressive topline growth results both in the US and globally, with net sales of 250 million dollars, a 30 percent increase over the same time period last year, as well as adjusted EBITDA of 21 million dollars, an increase of 69 percent from comparable adjusted EBITDA last year. We also exceeded our comp growth expectations this quarter and continue to drive these results while remaining focused on building quality of sale.”

Net sales for the first nine months of 2014 were 740 million dollars, an increase of 212 million dollars, or 40.2 percent, from the comparable 2013 period, including an 18 million dollars benefit associated with the additional week in 2014. Adjusted EBITDA, net of foreign currency transaction adjustments, was 70 million dollars for the first nine months of 2014, compared to 22 million dollars for the first nine months of 2013.

Net sales for Kate Spade North America were 193 million dollars, a 36.4 percent increase compared to 2013, driven primarily by kate spade new york. Company ended the quarter with 98 specialty retail stores and 57 outlet stores, reflecting the net addition over the last 12 months of 21 specialty retail stores and 18 outlet stores and average retail sq. footage in the third quarter of 2014, a 47 percent increase compared to 2013.

Net sales for Kate Spade International were 51 million dollars, a 32.8 percent increase compared to 2013, primarily driven by operations in Japan and Southeast Asia. Company ended the quarter with 43 specialty retail stores, 11 outlet stores and 50 concessions, reflecting the net addition over the last 12 months of 7 specialty retail stores, 1 outlet store and 7 concessions and the acquisition of 6 specialty retail stores, 1 outlet store and 2 concessions.

Kate Spade