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Kate Spade (KATE) relating to Wednesday reported stronger sales growing muscle mass in the first quarter as the contemporary fashion house shed underperforming brands to give focus to its namesake handbag line. Q1 sales jumped 33. 5% that will $328 million, its best getting in years. Its Kate Spade brand rose 54% to $217 million, above the $202 million so analysts expected. The apparel brand and retailer lost 6 pence a share excluding various programs, narrowing from a loss of 16 pence a year earlier. Analysts polled just by Thomson Reuters expected a 4-cent loss. But Wall Street sees the exact affordable-luxury brand earning 25 pence in 2014 and 66 pence in 2015. Models take part in the exact Kate Spade 2014 Fall Fashion accessory Presentation in New York on February. 7, 2014. AP View Enlarged Image The gross figure includes Juicy Couture benefit but excludes Lucky Brand gross. Kate Spade sold Juicy Achat for $195 million in Oct. and sold Lucky Brand keep away from to the private equity firm Leonard Alternative for $225 million. The Kate Spade company was formerly 5th & Pacific, and before it was Liz Claiborne. It changed name to emphasize its core brand. Kate Spade, along with larger Michael Kors (KORS), has been thriving in the affordable-luxury market and stealing market share produced by Coach (COH). Kate Spade bags are known for their bright colors & bold stripes, but the brand aside from that makes eyewear and home accessories/papers, making it very different from other fashion contains. Kate Spade's mantra is to facilitate customers "lead a more interesting everyday life, " according to Mary Ross Gilbert, managing director at Imperial Cash. The brand is more colorful and fancy than other luxury brands. She believed Kate Spade is still early inside the growth trajectory, whereas the Condition brand has matured. "Kate Spade could be bigger than Coach because the identify resonates across so many categories, very well Gilbert said. CEO Craig Leavitt said industry promotions are more price ranges than a year earlier but believed Kate Spade is stressing full-priced sales. Direct-to-consumer comparable sales leapfrogged 22%, excluding the benefit of an extra 12 days in the quarter vs . a year early. But while Kate Spade and Kors did well amid brutal wintertime, not all affordable-luxury brands did. Condition last month reported a 19% lay in its fiscal Q3 EPS, regarding revenue fell 7%. Its American same-store sales tumbled 21% relating to weakness in women's bags & accessories. Fossil (FOSL) said tardy Tuesday that Q1 EPS took up 1% to $1. 22 & sales grew 14% to $776. 5 million — both fast beating views. But the upscale watch brand guided Q2 EPS under analysts' forecasts. Kors reports fiscal Q4 earnings on May 28.
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