Shares of Kate Spade & Co (NYSE:KATE) ended Friday session in red amid volatile trading. The shares closed down -0.97 points or -5.09% at $18.09 with 2.70 million shares getting traded. Post opening the session at $18.87, the shares hit an intraday low of $18.09 and an intraday high of $18.92 and the price vacillated in this range throughout the day. The company has a market cap of $2.52 billion and the numbers of outstanding shares have been calculated to be 128.03 million shares.
Kate Spade & Co (NYSE:KATE) on Aug. 3, 2016 announced results for the second quarter ended July 2, 2016.
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.
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.”
Shares of Kellogg Company (NYSE:K) ended Friday session in red amid volatile trading. The shares closed down -2.86 points or -3.58% at $77.13 with 2.81 million shares getting traded. Post opening the session at $79.49, the shares hit an intraday low of $77.13 and an intraday high of $79.50 and the price vacillated in this range throughout the day. The company has a market cap of $26.74 billion and the numbers of outstanding shares have been calculated to be 350.26 million shares.
On Sept. 6, 2016 The 36-city Kellogg’s® Tour of Gymnastics Champions kicks off Thursday, Sept. 15, in Spokane, Wash., and promises fans a high-flying, dynamic experience that celebrates the sport’s beauty and skill in each of the disciplines. Bigger and better than ever, the show’s format pairs elite gymnastics skill with modern performance art that pushes the boundaries of athleticism and is sure to keep fans cheering for more. Tickets for the 38 Kellogg’s tour performances, which conclude on Nov. 13, are on sale now at KelloggsTour.com.
The 2016 U.S. Olympians participating in the Tour are: The Final Five – Simone Biles, Gabby Douglas, Laurie Hernandez, Madison Kocian and Aly Raisman; men’s gymnastics – Chris Brooks, Jake Dalton, Danell Leyva, Sam Mikulak and Alex Naddour; rhythmic – Kiana Eide, Monica Rokhman, Jennifer Rokhman, Kristen Shaldybin and Laura Zeng; and trampoline – Nicole Ahsinger and Logan Dooley. 2008 Olympic all-around champion Nastia Liukin, 2008 Olympic balance beam champion Shawn Johnson and 2012 Olympic team champion Jordyn Wieber are also on the cast. Due to athletes’ schedules and personal commitments, the cast will vary from stop to stop.
“This year’s Kellogg’s Tour is a welcome home party and celebration for the USA’s success in Rio,” said Steve Penny, president of USA Gymnastics. “Our athletes won the hearts of fans around the globe last month, and this is a chance for America to see them up close and personal. This year’s Kellogg’s Tour includes the biggest names in the sport, including three Olympic all-around champions and medalists from three Olympic Teams. The Kellogg’s Tour has something for everyone, from the very young to the young at heart.”