Kate Spade sales grow 9% in Q4
The American retail scene is not all doom and gloom. Kate Spade & Company is doing great. The company is reporting a direct-to-consumer comparable sales growth of 9% for the fourth quarter and for the full year 2016. Net sales increased $42 million, or 10% for the fourth quarter on a reported basis; full year net sales increased $139 million, or 11% on a reported basis and increased $166 million, or 14%, excluding wind-down operations in 2015.
Craig A. Leavitt, Chief Executive Officer of Kate Spade & Company, said: "Our solid fourth quarter and fiscal year performance demonstrate the strength of our differentiated business model, as we continued to gain market share and deliver strong growth despite a challenging retail environment. In 2016, we further strengthened our handbag portfolio, introduced new categories to our casual ready-to-wear classifications, and thoughtfully expanded our global store base, opening 52 net new owned and partner-operated stores. At the same time, we remain committed to maximizing value and are exploring strategic alternatives that are in the best interests of our Company and shareholders."
By Edina Sultanik
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