Q1 gewinn of $46m versus $52m lessening
US apparel giant Kate Spade & Company has returned to allow them to profit during the first quarter, drove by strong sales growth in its namesake brand.
The company, which re-structured its name from Fifth & Off-shore Company earlier this year to reflect their single-brand focus, said net income, contains $101m in income related to done operations, reached US$46m for the ninety days to 5 April.
This compares to that net loss of $52m in the very same period of the prior year.
Net commissions, including the continuing operations of Hot Couture but excluding Lucky Type, increased 33. 5% to $328m, boosted by growth at its namesake and Juicy Couture brands.
Semblable net sales, excluding Juicy Assemblage and Lucky Brand, soared 40. 9% to $224m.
By symbol, Kate Spade sales jumped 54% to $217m during the period, however Juicy Couture uk posted a teen. 1% increase to $104m. The actual Adelington Design Group, meanwhile, observed sales decline 58. 1% to allow them to $6m.
Gross margin slipped to allow them to 55. 3% from 57. 4% last year, due to the absence of licensing commissions and increased promotion activity through Juicy Couture, as well as a change in commissions mix at Kate Spade.
"Overall, Kate Spade & Company's performance in the main quarter of 2014 continued to be very good, " said CEO Craig Leavitt.
The company sold its Lucky Type Jeans unit to an affiliate of private equity finance firm Leonard Green & Mates for $225m in December, and a couple of months prior to that sold its struggling Hot Couture unit to Authentic Brands Assemble for $195m.
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