Kate Spade Swings To Profit As Sales Climb 10.7%

Luxury accessories maker Kate Spade & Co. said Thursday it had net income of $2.3 million, or 2 cents a share, in the third quarter, after a loss of $9.1 million, or 7 cents a share, in the year-earlier period. EPS from continuing operations came to 4 cents, while adjusted to exclude costs related to streamlining, EPS came to 6 cents. The FactSet consensus was for EPS of 4 cents. Sales rose 10.7% to $277 million, just below the FactSet consensus of $281 million. Shares were not yet active in premarket trade, but are down 28% in the year to date, while the S&P 500 has gained 2.1%.