For the three months ended April 30, 2017, net sales at apparel retailer Kate Spade & Company fell $3 million or 1.2 per cent year on year to $271 million. First quarter of fiscal 2017 direct to consumer comparable sales dropped 2.4 per cent or 8.1 per cent excluding ecommerce. Gross profit as a percentage of net sales was 63.2 per cent for the quarter.
In the reporting quarter, selling, general & administrative expenses (SG&A) were $165 million or 60.7 per cent of net sales as against $152 million or 55.3 per cent of net sales in the prior fiscal's same quarter.For the three months ended April 30, 2017, net sales at apparel retailer Kate Spade & Company fell $3 million or 1.2 per cent year on year to $271 million. First quarter of fiscal 2017 direct to consumer comparable sales dropped 2.4 per cent or 8.1 per cent excluding ecommerce. Gross profit as a percentage of net sales was 63.2 per cent for the quarter.
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The first quarter of fiscal 2017 SG&A, includes $7 million of store impairment charges and $2 million of fees and expenses related to the company's ongoing review of strategic alternatives.
Income from continuing operations fell steeply to $1 million, or $0.01 per diluted share in the quarter under review compared to $11 million, or $0.08 per diluted share, in the first quarter of fiscal 2016. (AR)
ALCHEMPro News Desk – India
marketing@alchempro.com
