Kate Spade Turns To Profit In Q1 - Quick Facts

(RTTNews) - Kate Spade & Co. (KATE) said that net income in the first quarter of 2014 was $46 million, inclusive of income related to discontinued operations of $101 million, compared to net loss of $52 million, inclusive of a loss related to discontinued operations of $13 million in the first quarter of 2013. Net income per share was $0.37, compared to a loss per share of $0.44 in the first quarter of 2013.

Loss from Continuing Operations in the first quarter of 2014 was $55 million, or $0.44 per share, compared to a loss of $40 million, or $0.33 per share in the first quarter of 2013.

Adjusted loss per share from continuing operations in the first quarter of 2014 was $0.06, compared to a loss of $0.16 last year.

Net sales for the first quarter of 2014, which includes the continuing operations of Juicy Couture and excludes Lucky Brand, were $328 million, an increase of $82 million, or 33.5%, from the comparable 2013 period.

Net sales on a comparable basis that excludes Juicy Couture and Lucky Brand were $224 million in first quarter of 2014, an increase of $67 million, or 42.9%, from the comparable 2013 period.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.04 per share and revenues of $201.85 million for the quarter. Analysts' estimates typically exclude special items.

The company reaffirmed its 2014 Adjusted EBITDA guidance of $115 million - $125 million.