UPDATE: Kate Spade Posts Upbeat Q2 Results, Shares Jump

Shares of Kate Spade & Company

jumped more than 8% in pre-market trading after the company reported upbeat second-quarter results. The New York-based company posted a quarterly loss from continuing operations of $14 million, or $0.11 per share, versus a year-ago loss from continuing operations of $24 million, or $0.20 per share. Excluding non-recurring items, Kate Spade's adjusted profit came in at $0.05 per share, beating analysts' estimates of $0.00 per share. Its sales climbed 49% to $266 million, versus expectations of $237.83 million. Net sales for North American segment climbed 55%, while International segment sales jumped 54%. Net sales for the Adelington Design Group segment fell 30.6%. Kate Spade's adjusted EBITDA surged to $32 million from $7 million. Selling, general & administrative expenses rose 27.8% to $146 million. Kate Spade posted an operating income of $10 million, versus an operating loss of $4 million. Craig A. Leavitt, Chief Executive Officer of Kate Spade & Company said, "Despite a more promotional retail environment, Kate Spade & Company had another strong quarter, with sales increases coming across both our North American and International segments.” Kate Spade raised its FY14 adjusted EBITDA forecast to $120 million to $130 million, from $115 million to $125 million. Kate Spade shares climbed 8.31% to $42.10 in pre-market trading.