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News Breaks
August 12, 2014
11:21 EDTCOH, KORS, KATEKate Spade falls as company remains 'cautious' on FY16 margin outlook
Shares of accessory and clothing retailer Kate Spade (KATE) are falling lower despite climbing higher during pre-market trading after teh company said it is "cautious" on fiscal year 2016. WHAT'S NEW: Kate Spade this morning reported second quarter adjusted earnings per share of 5c, surpassing analysts' consensus of 0c. The company's Q2 revenue was $266.0M, which beat analysts' consensus of $237.83M. Net sales for Kate Spade North America during the quarter were $208M, a 54.6% increase compared to last year, driven primarily by increases in Kate Spade New York. The retailer reported that its direct to consumer comparable sales growth for the quarter was up 30% and noted that it expects fiscal year 2014 direct consumer comparable sales growth of 15%-17%. Kate Spade also increased its full-year adjusted earnings before interest, taxes, depreciation and amortization outlook to $120M-$130M from $115M-$125M. WHAT'S NOTABLE: During the company's conference call, the company said that its Juicy Couture wind-down is "substantially complete" and that it has liquidated virtually all of Juicy's inventory. Interest expense in FY14 is anticipated to be $32M-$37M and the company's normalized tax rate is foreseen to be 38%-40%. The retailer expects 80 new store openings compared to last year. Kate Spade says comps in the second half of 2014 are anticipated to be in the high single digit range. Still, Kate Spade said that it remains "cautious" on FY16 margin targets, and noted the "promotional" landcape in Q2. The company noted that it is not currently revisiting FY16 margin targets. It sees margins "slightly lower" than Kate Spade New York over time and expects Saturday to be a "compelling" business. The company said it expects to achieve an adjusted EBITDA margin target of 25% for the former Kate Spade Segment, but is assessing whether any short-term adjustment to the 2016 timeframe is warranted, adding that if a short-term adjustment is necessary, it expects the most likely adjustment would be a shift to 2017. The company sees margin rate affected by the promotional environment. The company is currently pursuing various partnerships to improve operating leverage and expects to launch its UK e-commerce site in Q4. Kate Spade said it feels "very good" about the direction of the Kate Spade Saturday brand. PRICE ACTION: During morning trading, shares of Kate Spade were down $5.36 or 13.79% to $33.51. OTHERS TO WATCH: Competitors to Kate Spade include Michael Kors (KORS) and Coach (COH).
News For KATE;KORS;COH From The Last 14 Days
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March 5, 2015
07:01 EDTCOHCoach price target raised to $47 from $43 at JPMorgan
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March 3, 2015
15:57 EDTCOHBofA/Merrill retail analysts hold an analyst/industry conference call
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07:26 EDTKATEKate Spade sees FY15 net sales $1.2B-$1.28B, consensus $1.28B
Sees FY15 adjusted EBITDA $185M-$200M; Sees FY15 DTC omparable sales growth in high single digits. Sees FY15 CapEx $75M; Expects to open 50-55 stores in 2015. Sees FY15 normalized tax rate of 38%-40%. Sees FY15 interest expense of $18M-$22M.
07:25 EDTKATEKate Spade reports Q4 direct-to-consumer comparable sales up 28%
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07:25 EDTKATEKate Spade reports Q4 adjusted EPS 24c, consensus 28c
Reports Q4 revenue $398.57M, consensus $389.44M
07:19 EDTKATEKate Spade announces expansion of kate spade new york home category
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March 2, 2015
15:23 EDTKATENotable companies reporting before tomorrow's open
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11:45 EDTKATEKate Spade volatility elevated into Q4 and outlook
Kate Spade March call option implied volatility is at 64, April is at 46, July is at 41; compared to its 26-week average of 41 according to Track Data, suggesting larger near term price movement into the expected release of Q4 on March 3.
09:47 EDTCOHCoach downgraded to Hold from Buy at Standpoint Research
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February 27, 2015
20:43 EDTKATEKate Spade management to meet with Sterne Agee
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February 25, 2015
07:31 EDTCOHCoach longer term outlook positive, says Stifel
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February 24, 2015
10:00 EDTCOHOn The Fly: Analyst Upgrade Summary
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06:28 EDTCOHCoach upgraded to Outperform from Perform at Oppenheimer
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February 20, 2015
07:14 EDTCOHOppenheimer to hold a tour
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February 19, 2015
09:59 EDTCOHOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Altisource Residential (RESI) upgraded to Neutral from Sell at Compass Point... Angie's List (ANGI) upgraded to Overweight from Equal-Weight at First Analysis... Barrick Gold (ABX) upgraded to Buy from Hold at TD Securities... British Land (BTLCY) upgraded to Buy from Hold at Societe Generale... Coach (COH) upgraded to Buy from Hold at Topeka... Fiat Chrysler (FCAU) upgraded to Outperform from Neutral at Exane BNP Paribas... Garmin (GRMN) upgraded at BofA/Merrill... Hologic (HOLX) upgraded to Buy from Hold at Canaccord... Iberdrola (IBDRY) upgraded to Neutral from Underweight at HSBC... KPN (KKPNY) upgraded to Neutral from Underperform at Exane BNP Paribas... Monster Worldwide (MWW) upgraded at Evercore ISI... Pharmacyclics (PCYC) upgraded to Buy from Neutral at Nomura... RPC, Inc. (RES) upgraded to Equal Weight from Underweight at Morgan Stanley... Sanofi (SNY) upgraded to Buy from Neutral at BofA/Merrill... Sasol (SSL) upgraded to Neutral from Underweight at HSBC... Tractor Supply (TSCO) upgraded at Oppenheimer... Valero (VLO) upgraded to Buy from Hold at Deutsche Bank... Weingarten Realty (WRI) upgraded to Neutral from Sell at UBS... Werner (WERN) upgraded on improving freight fundamentals at RBC Capital... diaDexus (DDXS) upgraded to Buy from Neutral at Ladenburg,
06:30 EDTCOHCoach upgraded to Buy from Hold at Topeka
Topeka upgraded Coach to Buy and raised its price target to $44 from $40 following yesterday's Fall 2015 fashion week. The analyst is impressed how quickly Coach has changed its assortments under new design director Stuart Vevers. Topeka said there are more opening price points in handbags and improved cohesion between collection and core, creating a brand halo effect. Additionally, the firm's recent mall checks indicate a pickup in Coach store traffic.

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