Handbag maker Kate Spade’s sales rise 7.6 percent

April 28, 2016

Handbag and accessories maker Kate Spade & Co reported a 7.6 percent rise in quarterly sales, driven by demand for its kate spade new york line of products in North America.

Net income fell to $61.5 million, or 48 cents per share, in the fourth quarter ended Jan. 2 from $126.5 million, or 99 cents per share, a year earlier.

The company’s profit in the year-earlier was boosted by a benefit of $88 million due to a tax gain.

Net sales rose to $429 million from 398.6 million.

Sales at stores open for at least 14 months, including online sales, rose 14 percent. Analysts on average had expected a rise of 11.4 percent, according to Consensus Metrix.

AITbags

(Reporting by Subrat Patnaik and Yashaswini Swamynathan)

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