Handbag designer Kate Spade fashions a net profit of $2.3m for third quarter of 2015
Kate Spade & Company revealed today that it had fashioned a net profit of $2.3m (£1.5m) for its third quarter of 2015, up from a net loss of $9.1m for the same period last year.
The company, best known for its quirky range of women’s accessories, also announced a rise in net sales to $277m from $250m.
“Our third quarter results, including industry-leading comparable sales increases, underscore that the diversified foundation we have created is driving sustainable growth in sales and profitability, even with our deliberate pullback in a number of key sales and promotional events,” said Craig A. Leavitt, chief executive of Kate Spade & Company. “We continue to introduce new product categories and enter new markets in a thoughtful way to attract and retain customers.”
Share prices for the company jumped to a high of $22.62, up 14.6 per cent from a close of $19.74 the day before.
Also today, the luxury retailer announced that it would be opening a new store on London’s Regent Street in 2016.