Investors weren’t overly excited with Kate Spade & Co.’s fourth-quarter results.
That comes as a bit of a surprise, given that numbers were, for the most part, in line with expectations. The company at the end of January said it was closing its Kate Spade Saturday stores and exiting Jack Spade freestanding stores. Guidance for the year didn’t change from earlier estimates, although one surprise was the $8 million inventory writedown in connection with the store exits.
Kate Spade previously guided 2015 net sales to a range of $1.2 billion to nearly $1.28 billion, and adjusted earnings before interest, taxes, depreciation and amortization in the range of $185 million to $200 million.
Shares of Kate Spade fell 2 percent to $34.58 Tuesday in Big Board trading.
For the three months ended Jan. 3, net income was down 31.7 percent to $126.5 million, or 99 cents a diluted share, from $185.2 million, or $1.48…
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