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Accessories and apparel maker Kate Spade reported a lower-than-expected quarterly profit as a strong dollar discouraged tourists from shopping at its stores, and the company slashed its full-year profit and sales forecasts.
Kate Spade's shares plunged more than 20 percent in premarket trading on Wednesday. (Get the latest quote here.)
The company sharply cut its forecast for full-year earnings to 63 to 70 cents per share from 70 to 80 cents, and for net sales to $1.37 billion to $1.40 billion from $1.39 billion to $1.41 billion.
"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," Chief Executive Craig Leavitt said in a statement.
Kate Spade, which is known for its quirky and colorful satchels and totes, has been focusing on its luxury kate spade new york brand and investing in its online business.
As the handbag market in North America slows, the company has also been looking to change its identity from a pure-play handbag maker to a lifestyle brand by adding new product categories, including apparel and furniture.
Kate Spade's net income more than tripled to $26.8 million, or 21 cents per share, in the quarter ended July 2, partly due to a benefit related to discontinued operations.
Excluding items, the company earned 11 cents per share, missing the average analyst estimate of 14 cents, according to Thomson Reuters I/B/E/S.
Net sales rose 13.7 percent to $319.7 million, narrowly beating the average estimate of $318.5 million.
New York-based Kate Spade's shares were down at $16.94 before the bell. Up to Tuesday's close, the stock had risen about 13 percent this year.
— CNBC contributed to this report.