Kate Spade & Company (NYSE: KATE) today announced results for the fourth quarter and full year ended January 3, 2015.Net sales for the fourth quarter of 2014 were $399 million, an increase of $123 million, or 44.7%, from the comparable 2013 period, reflecting increases of 50.5% in the Kate Spade North America segment and 56.0% in the Kate Spade International segment, partially offset by a decrease in net sales in the Adelington Design Group segment. Michael Kors selma Fourth quarter 2014 direct-to-consumer comparable sales growth was 28%, or 21% excluding eCommerce. Adjusted EBITDA, net of foreign currency transaction adjustments, was $77 million or $85 million, excluding charges related to announced brand actions for the fourth quarter of 2014, compared to $55 million for the fourth quarter of 2013. Comparable Adjusted EBITDA, net of foreign currency transaction adjustments, was$57 million for the fourth quarter of 2013.
For the fourth quarter of 2014 on a GAAP basis, Michael Kors selma income from continuing operations was $126 million, or$0.99 per diluted share (which includes a benefit of $88 million resulting from the reversal of income tax reserves, due to the expiration of the related statutes of limitations), compared to income from continuing operations of $29 million, or $0.23 per share, for the fourth quarter of 2013. Adjusted diluted earnings per share from continuing operations in the fourth quarter of 2014 were $0.24, compared to $0.13 in the fourth quarter of 2013.
Craig A. Leavitt, Chief Executive Officer of Kate Spade & Company, said: “In 2014, we marked our first year as an independent company and our impressive growth reflects the powerful momentum of Kate Spade & Company. We delivered industry-leading results with full year net sales of $1.139 billion, Michael Kors selma a 42% increase over the same period last year and Adjusted EBITDA of $147 million, a 67% increase over comparable Adjusted EBITDA last year. We have demonstrated a disciplined approach to managing our investments as we further focus on the long-term growth potential of our kate spade new york brand.”