Kate Spade Profits Fall Below Estimates, Reaffirms Full-year Guidance

Kate Spade & Co. said Wednesday it had first-quarter net income of $11.6 million, or 9 cents per share, after a loss of $55.2 million, or 43 cents per share, for the same period last year. Adjusted earnings were 1 cent per share, below the FactSet consensus of 5 cents per share. Revenue for the quarter was $274.4 million, up from $255.3 million last year, exceeding the FactSet consensus of $268 million. The clothing and accessories company reaffirmed its full-year 2016 revenue guidance between $1.39 billion and $1.41 billion, and its earnings per share guidance between 70 cents and 80 cents. Kate Spade shares are unchanged in premarket trading, but up 41.4% for the year so far. The S&P 500 is up 1% for the year to date.