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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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April 24, 2015
07:49 EDTCOHCoach May weekly volatility elevated into Q3 and outlook
Coach May weekly call option implied volatility is at 68, May is at 40, June is at 30, August is at 29; compared to its 26-week average of 30 according to Track Data, suggesting large near term price movement into the expected release of Q3 results on April 28.
April 23, 2015
10:06 EDTKATEKate Spade May call activity attributed to takeover chatter
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06:03 EDTKORSMichael Kors implied volatility of 24 at lower end of index mean range
April 22, 2015
06:00 EDTKORSMichael Kors implied volatility of 25 at lower end of index mean range
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April 21, 2015
10:01 EDTCOHOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Agios Pharmaceuticals (AGIO) initiated with a Perform at Oppenheimer... Bed Bath & Beyond (BBBY) initiated with a Buy at Cantor... BioCryst (BCRX) initiated with an Outperform at FBR... Bovie Medical (BVX) initiated with an Outperform at JMP Securities... Calavo Growers (CVGW) initiated with a Buy at Janney Capital... Clorox (CLX) initiated with a Sector Weight at KeyBanc... Coach (COH) initiated with a Sell, $32 target at Cantor... Compugen (CGEN) initiated with an Outperform at Oppenheimer... Corcept Therapeutics (CORT) initiated with an Outperform at FBR Capital... Criteo (CRTO) initiated with an Outperform at Raymond James... CytRx (CYTR) initiated with an Outperform at FBR Capital... Dollar Tree (DLTR) initiated with a Buy at Cantor... Facebook (FB) initiated with a Buy at Cleveland Research... Gap (GPS) initiated with a Hold at Cantor... Genocea (GNCA) initiated with an Outperform at FBR Capital... Geron (GERN) initiated with an Outperform at Oppenheimer... Home Depot (HD) initiated with a Hold at Cantor... HubSpot (HUBS) initiated with a Buy at Needham... Jernigan Capital (JCAP) initiated with a Buy at Wunderlich... La Jolla (LJPC) initiated with an Outperform, $43 target at Oppenheimer... Lowe's (LOW) initiated with a Hold at Cantor... Lumber Liquidators (LL) initiated with a Buy, $45 target at Cantor... New Residential (NRZ) reinstated with an Outperform at Credit Suisse... Rent-A-Center (RCII) initiated with a Buy at Cantor... Ross Stores (ROST) initiated with a Hold at Cantor... Rubicon Project (RUBI) initiated with an Outperform at Raymond James... SolarCity (SCTY) initiated with an Outperform at Northland... SolarEdge (SEDG) initiated with a Buy at Canaccord... Spectrum Brands (SPB) initiated with an Overweight at KeyBanc... Summit Materials (SUM) initiated with a Buy at BB&T... Synergy Resources (SYRG) initiated with a Buy at KLR Group... Synta Pharmaceuticals (SNTA) initiated with an Outperform at FBR Capital... TJX (TJX) initiated with a Hold at Cantor... Tiffany (TIF) initiated with a Hold at Cantor... TubeMogul (TUBE) initiated with a Market Perform at Raymond James... Urban Outfitters (URBN) initiated with a Buy at Cantor... WhiteWave Foods (WWAV) initiated with a Neutral at Janney Capital... Williams-Sonoma (WSM) initiated with a Hold at Cantor... Zafgen (ZFGN) initiated with an Outperform at FBR Capital.
08:51 EDTCOHCoach Q3 North American estimates remain above consensus at ITG Research
ITG Research's analysis indicates Coach's Q3 North American sales are $530M, above consensus of $512M.
08:49 EDTCOHCoach North American sales remain ahead of consensus, says ITG Research
08:40 EDTCOHCoach competition could impact a margin recovery, says Goldman
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April 20, 2015
16:26 EDTCOHCoach initiated with a Sell, $32 target at Cantor
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10:00 EDTKORSOn The Fly: Analyst Downgrade Summary
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08:18 EDTKATE, KORSMichael Kors downgraded to Neutral with $70 target at Mizuho
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06:11 EDTKORSMichael Kors downgraded to Neutral from Buy at Mizuho
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06:10 EDTKORSMichael Kors implied volatility of 24 at lower end of index mean range
April 16, 2015
10:15 EDTCOHCoach May volatility elevated into Q3 and outlook
Coach May weekly call option implied volatility is at 44, May is at 33, August is at 28, November is at 26; compared to its 26-week average of 27 according to Track Data, suggesting large near term price movement into the expected release of Q3 results.
10:06 EDTCOHCoach trades higher, levels to watch
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10:00 EDTCOHOn The Fly: Analyst Upgrade Summary
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09:55 EDTKORSMichael Kors view changed to Mixed from Positive at OTR Global (pre-open)
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05:55 EDTKORS, COHCoach upgraded to Overweight from Equal Weight at Barclays
Barclays analyst Joan Payson upgraded Coach to Overweight citing greater confidence in the designer's ability to grow domestic store comps with its turnaround "well underway." She expects Coach's competitive pressures to ease and raised her price target for shares to $50 from $38. The maker of handbags closed yesterday down 28c to $41.76. Payson also lowered her price target for shares of Michael Kors (KORS) to $60 from $70 and keeps an Equal Weight rating on the name. She believes Kors may soon be in need of transformation. The analyst keeps an Equal Weight rating on Tiffany (TIF), calling the company a "work in progress."
April 14, 2015
17:02 EDTCOHCrocs appoints Coach International Group president Ian Bickley to board
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09:20 EDTKATEKate Spade's department store sales strong during Q1, says OTR Global
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