Kate Spade Profit Falls Short, Sales Beat

Kate Spade & Co. said it earned $126.5 million, or 99 cents a share, in the fourth quarter, down from $185.2 million, or $1.48 a share, in the year-earlier period. Excluding a tax benefit and other items, adjusted per-share earnings were 24 cents a share, below the FactSet consensus of 28 cents. Sales rose 44.7% to $399 million to top the FactSet consensus of $390 million. The luxury goods company said it still expects 2015 adjusted EBITDA of $185 million to $200 million. Shares were not yet active in premarket trade, but have gained 15.8% in the last three months, while the S&P 500 has gained 2.1%.