Kate Spade & Co reported a 30% increase in their quarterly overall sales due to a significant increase in demand for the company’s fashion accessories and handbags in the North America region. The company also raised their 2014 forecast for same-store overall sales growth globally.
Overall shares of the company increase to 21% and were also ranked among the highest percentage gainers in New York‘s Stock Exchange last Thursday.
North America’s overall sales that account for a third of the company’s overall revenue, increased 36.4% during the year’s third quarter, which was driven by the increasing demand for the company’s high-end New York accessories and handbags.
Kate Spade & Co has been challenging slowly into Coach Incorporated’s overall share when it comes to the handbag market in the United States, leading young women to prefer Kate Spade trendier handbags over products of larger rivals.
Coach recently reported their sixth straight total quarterly decline in the North American region last week when it comes to same-store overall sales.
Kate Spade & Co increased their same-store overall sales global growth expectations for this year to 19 to 21% from the previous estimates of 15 to 17%.
Kate Spade’s overall gross margins increased to 62.8% during the year’s quarter compared to last year’s 61.4%.
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