Shares of Kate Spade & Co (NYSE:KATE) ended Wednesday session in green amid volatile trading. The shares closed up +0.04 points or 0.22% at $18.42 with 2.19 million shares getting traded. Post opening the session at $18.56, the shares hit an intraday low of $18.18 and an intraday high of $18.74 and the price vacillated in this range throughout the day. The company has a market cap of $2.30 billion and the numbers of outstanding shares have been calculated to be 128.03 million shares.
Kate Spade & Co (KATE) on Aug. 3, 2016 announced results for the second quarter ended July 2, 2016.
Craig A. Leavitt, Chief Executive Officer of Kate Spade & Company, said: “Several factors contributed to our second quarter results falling short of our expectations, the most impactful of which are the retail landscape and continuing tourist headwinds. As we navigate these broader industry trends, we remain very confident in our long-term growth initiatives and have a number of strategies in place to drive our business in the second half of 2016. We continue to focus on the factors we can control, executing our long-term strategy and continuing to grow as a global, multi-channel lifestyle brand.”
George Carrara, President and Chief Operating Officer of Kate Spade & Company, added: “Looking ahead to the back half of the year, we are taking a prudent approach and updating our guidance accordingly. We remain confident in our long term ability to continue to achieve robust margin expansion, both in 2016 and beyond, based primarily on our ability to scale our foundation, leverage expenses, grow our licensing business and benefit from supply chain enhancements.”
For the first half of 2016 on a GAAP basis, the Company recorded income from continuing operations of $35 million, or $0.28 per diluted share, compared to a loss from continuing operations for the first half of 2015 of $(44) million, or $(0.35) per diluted share. Diluted earnings per share from continuing operations in the first half of 2016 were $0.17, using a normalized tax rate, compared to Adjusted diluted earnings per share of $0.10 in the first half of 2015. Net sales for the first half of 2016 were $594 million, an increase of $58 million, or 10.8%, compared to the first half of 2015. Net sales for the first half of 2016 increased $82 million, or 16.0%, excluding sales for wind-down operations for the first half of 2015. Adjusted EBITDA was $89 million for the first half of 2016, compared to Adjusted EBITDA, excluding wind-down operations of $69 million for the first half of 2015.
Shares of Herbalife Ltd. (NYSE:HLF) ended Wednesday session in green amid volatile trading. The shares closed up +0.48 points or 0.79% at $60.93 with 716,608.00 shares getting traded. Post opening the session at $60.62, the shares hit an intraday low of $60.00 and an intraday high of $61.16 and the price vacillated in this range throughout the day. The company has a market cap of $5.57 billion and the numbers of outstanding shares have been calculated to be 92.91 million shares.
Herbalife Ltd. (HLF) on August 4, 2016 reported second quarter net sales of $1.2 billion, reflecting an increase of 3% compared to the prior year period. Second quarter 2016 net sales, excluding the impact of currency, grew by 10%. On a reported basis, second quarter net loss of $22.9 million or ($0.28) per diluted share which includes the impact of $203 million related to regulatory settlements, compared to net income of $82.8 million or $0.97 per diluted share for the comparable quarter in 2015. Adjusted earnings for the quarter grew 4% to $1.29 per adjusted diluted share, compared to $1.24 per diluted share for the second quarter in 2015. Due to currency fluctuations, second quarter 2016 reported and adjusted net income were negatively impacted by $27.7 million and $26.6 million, respectively, and reported EPS and adjusted earnings per adjusted diluted share were negatively impacted by $0.32 and $0.31, respectively.
Michael O. Johnson, chairman and CEO of Herbalife, stated “This has been a historic quarter for Herbalife, with worldwide record setting volume points and new volume point highs in four out of our six regions.”
Johnson continued, “This momentum reflects the strength of our distributors’ businesses and with the FTC settlement announcement, I am more confident than ever in Herbalife’s future.”