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Jun. 30, 2015, 11:21 AM
- The luxury handbag trade is having a down day as concerns on F/X and pricing pressure in North America impact sentiment.
- Kate Spade (KATE -2.7%), Coach (COH -1.5%), Michael Kors (KORS -2.9%), and Vera Bradley (VRA -0.8%) are all lower.
- Cowen Research is out with a detailed report on the handbag market in which it warns the increase of consumer spending on athleisure could be chipping away at handbag demand.
May 27, 2015, 1:28 PM
May 27, 2015, 10:07 AM
- Select high-end retailers are trading weaker after reports from Michael Kors and Movado rattle the sector.
- Though Tiffany is ripping up a double-digit gain on the day, analysts note the earnings beat came off of a lowered bar.
- Decliners: Fossil (NASDAQ:FOSL) -5.3%, Kate Spade (NYSE:KATE) -1.9%, Vera Bradley (NASDAQ:VRA) -1.9%, Tum Huldings (NYSE:TUMI) -1.0%, Guess (NYSE:GES) -0.3%, Coach -5.5%.
- The PowerShares Dynamic Leisure and Entertainment ETF (NYSEARCA:PEJ) is slightly trailing broader market averages.
- Previously: F/X clips results at Movado
- Previously: Light guidance from Michael Kors
May 7, 2015, 8:27 AM
- Kate Spade (NYSE:KATE) reports direct-to-consumer comparable sales were up 9% in Q1.
- International sales +18% to $47M.
- Gross profit rate -60 bps to 60.6%.
- Operating loss rate -250 bps to -14.5%.
- SG&A expense rate +190 bps to 73.2%.
- The company ended the quarter with inventory of $182.50M and average retail square footage of 89K (+23% Y/Y).
- KATE -0.2% premarket.
- Previously: Kate Spade signs distribution deal for Latin America
- Previously: Kate Spade misses by $0.01, beats on revenue
May 7, 2015, 7:22 AM
- Kate Spade (NYSE:KATE): Q1 EPS of $0.01 misses by $0.01.
- Revenue of $255.32M (+14.2% Y/Y) beats by $10.44M.
May 7, 2015, 7:22 AM
- Kate Spade (NYSE:KATE) announces it will take its brand to Latin America through a partnership with Exclusive Brands International.
- The deal will give Exclusive Brands the rights to distribute Kate Spade products in 17 territories in Central America, South America, and the Caribbean.
May 6, 2015, 5:30 PM
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Apr. 20, 2015, 12:17 PM
- Kate Spade (KATE +1.8%) fared better than peers in a survey of consumer trends run by Mizuho.
- The results were strong enough for the investment firm to conclude that KS can evolve into a $4B brand which now includes more apparel, footwear, jewelry, and eyewear.
- Shares of Kate Spade are +3.97% YTD and sit 22% off their 52-week high.
Mar. 31, 2015, 9:59 AM
- A better-than-expected report from Movado is giving a lift to some luxury peers.
- Fossil (FOSL +1%), Coach (COH +0.5%), and Kate Spade (KATE +0.2%) are all higher on a down day in the markets.
- Movado was able to take some measures to mitigate the impact of F/X swings.
- Previously: Movado rips 8% gain after guidance pleases
Mar. 26, 2015, 10:10 AM
- Kate Spade (KATE -1.3%) has closed the online store of Kate Spade Saturday after a final sale of products at bargain prices.
- Retail analysts think the lifestyle brand may have reached too high by covering a large number of categories right from the start.
- The company hasn't officially outlined how the brand name will survive within the parent company, according to Racked.
Mar. 9, 2015, 3:15 PM
- More selling pressure on Kate Spade (KATE -2.6%) has pushed shares below $32.
- The stock has lost close to 11% since the middle part of Wednesday.
- Some retail analysts think Kate has been hit too hard by broader F/X concerns over the luxury sector.
- Due to its scale, Kate Spade is a little bit more nimble than peers.
- Cowen Research lumps Kate Space into the group of retailers that it sees benefiting from lower gas prices and unemployment - a distinction not made by all.
Mar. 6, 2015, 9:41 AM
- Nordstrom (JWN +0.3%) announces that its new store in Ontario is now open and sets a timetable for other stores in Canada.
- One more store will be opened this year, followed by two in 2016 and one for 2017.
- A successful launch could see the department store operator add to the expansion pace.
- Side effects: The entry of Nordstrom in Canada could raise the profile of Kate Spade (NYSE:KATE) in the nation due to the brand's prominent positioning in Nordstrom stores.
- Previously: Nordstrom knows how to do Canada: slow (Mar. 05 2015)
Mar. 4, 2015, 9:22 AM
- Kate Spade (NYSE:KATE) plans to make an aggressive push into home goods and furniture through new licensing agreements.
- "The breadth of our home décor line will feature products at all access points in both pricing and distribution from an $8 notebook to an $8,000 piece of furniture," disclosed CEO Craig Leavitt during the earnings call yesterday.
- Kate Spade earnings call
- KATE -1.0% premarket to $34.23.
Mar. 3, 2015, 2:04 PM
- Kate Spade (KATE -2.4%) trades lower following a soft read on margins for 2015 amid F/X pressure in Japan, although the drop is roughly in-line with other luxury stocks which are having a rough day.
- The company's 2015 revenue guidance of $1.2B-$1.275B fell short of the $1.28B that analysts expected.
- During the earnings call, execs reiterated that a measured approach to promotional activity will be the plan this year. Flash sales and either margin-crunching initiatives are likely to be reduced.
- Kids clothing and fragrances are two categories where the company sees sales growth and potential distribution deals.
- Earnings call transcript
- Previously: Kate Spade misses by $0.04, beats on revenue
- Previously: More on Kate Spade's Q4
Mar. 3, 2015, 8:36 AM
- Kate Spade (NYSE:KATE) reports comparable direct-to-consumer sales rose 28% in Q4.
- Segment revenue growth: Kate Spade North America +50.5% to $326.75M; Kate Spade International 56% to $60.07M, Adelington Design Group -40.5% to $11.76M.
- Gross profit rate -380 bps to 57.8%.
- Adjusted operating margin rate declined 179 bps to 13.32%.
- SG&A expenses +33% to $18.77M.
- FY2015 Guidance: Net sales: $1.2B to $1.275B; Adjusted EBITDA: $185M to $200M; DTC comparable sales growth: high single digits; D&A: $50M to $55M; Capex: ~$75M; Interest expense: $18M to $22M; Normalized tax rate: 38% to 40%; Basic share count: ~128M; New store openings: 50 to 55.
- KATE +1.98% premarket
Mar. 3, 2015, 7:25 AM
- Kate Spade (NYSE:KATE): Q4 EPS of $0.24 misses by $0.04.
- Revenue of $399M (+44.9% Y/Y) beats by $9.56M.
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