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."
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