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August 12, 2014
11:21 EDTKORS, KATE, COHKate 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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November 30, 2015
11:29 EDTCOHOptions with increasing put volume; FSLR MON COH TEVA JD BLOX CLR
08:14 EDTKORSThanksgiving deals seen as negative for Under Armour, Deckers
After visiting stores and doing other checks throughout the Thanksgiving holiday weekend, an analyst at research firm Piper Jaffray concluded that Under Armour (UA), Deckers Outdoor (DECK) and Steven Madden (SHOO) offered higher promotions than last year, prompting her to lower her estimates and price targets on the three stocks. MORE PROMOTIONAL: After visiting malls and big box retailers on Thanksgiving night, Piper Jaffray analyst Erinn Murphy said in a note to investors on Friday that brands that appeared more promotional than last year included Under Armour, Deckers Outdoor, Steven Madden, GoPro (GPRO), Michael Kors (KORS) and Ralph Lauren (RL). In a post-weekend follow-up note, Murphy lowered her estimates for Under Armour, saying the company remains one of the more promotional brands across the athletic landscape and that the brand remained promotional during the Thanksgiving weekend. She lowered her estimates on Under Armour for the upcoming quarter and beyond, cut her price target on the stock to $88 from $97 and keeps a Neutral rating on the name. Murphy also lowered her estimates for Deckers Outdoor after observing more UGG promotions over the Thanksgiving weekend relative to last year. The analyst cut her price target for Deckers to $55 from $63 and keeps a Neutral rating on the name. Remarking on Steven Madden, Murphy noted that the brand was more promotional not only on Black Friday but in the two days following as well. She lowered her forecast for the shoemaker to the lower end of guidance for FY15 and trimmed her price target on the stock to $36 from $41, but keeps an Overweight rating on the name. FITBIT: Murphy, who said in her Thanksgiving notes that she views the "must-have" items as being in the electronics and cosmetics spaces this holiday season, said her checks suggested that levels of Fitbit (FIT) products sold down well during the weekend. Importantly, the company's Flex, which she believes is the highest margin offering in its lineup, was full-price throughout the weekend. Murphy has an Overweight rating with a $60 price target on Fitbit shares. PRICE ACTION: In Friday's holiday shortened session, Under Armour shares sunk about 2.6% to $89.68, Deckers dropped 3.2% to $50.11 and Steven Madden added 10c to $33.03.
November 27, 2015
06:39 EDTKORSPiper says Deckers, GoPro look more promotional than last year
After visiting malls and big box retailers during the initial 6 PM store openings last night, Piper Jaffray analyst Erinn Murphy says brands that appear more promotional than last year include Deckers Outdoor (DECK), GoPro (GPRO), Michael Kors (KORS), Ralph Lauren (RL), Steven Madden (SHOO) and Under Armour (UA). Customer traffic "was robust" at the open on Thanksgiving, Murphy tells investors this morning in a research note. She views the "must-have" items as being in the electronics and cosmetics spaces.
November 17, 2015
07:52 EDTKORSMorgan Stanley to hold a conference
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