Kate Spade & Company unveils Q1 2015 results
Kate Spade & Company announced its first quarter 2015 results, which shows very promising numbers for the company to start the year.
The company reported an increase in net sales to start the year. Net sales, excluding sales for wind-down operations, increased to $240 million by 28.4% or $53 million in comparison to last year. Reported net sales were $255 million, an increase of 14.2% or $32 million.
Kate Spade North America saw an increase of 19.4% or $32 million compared to last year and reported $196 million. Kate Spade International pulled in $52 million for the company this quarter, a decrease of 1.7% or $1 million from last year.
Gross profit for the company decreased to 60.6% in Q1 2015 compared to 61.2% in the previous year.
Craig A. Leavitt, Chief Executive Officer of Kate Spade & Company, said: "This quarter, our overall performance reflects positive momentum across our four category pillars – women's, men's, children's and home – with a pro-forma net sales increase of 28% and direct-to-consumer comparable sales growth of 9%. Our channel-agnostic approach and emphasis on improving quality of sale continue to drive brand awareness, customer engagement and product demand."
Kate Spade North America ended the quarter with 92 retail stores, and 60 outlet stores, while Kate Spade International has 26 retail stores, 51 concessions and 13 outlet stores. Kate Spade Saturday and Jack Spade stores are expected to close this year, 2 in the US and 11 international. The company aims to become a $4 billion business in retail.
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