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Kate Spade (KATE) Stock Tumbles After Lower Guidance

NEW YORK (TheStreet) -- Shares of Kate Spade & Co. (KATE) were stumbling 17.33% to $16.40 in pre-market trading on Wednesday after the handbag and apparel company lowered its guidance for this year.

For the second quarter, Kate Spade reported earnings of 19 cents per share, exceeding analysts projected 14 cents per share. Revenue came in at $320 million, which beat analysts estimated $318.55 million.

Despite the company's better-than-expected results, Kate Spade lowered its full-year earnings guidance to between 63 cents per share and 70 cents per share, compared to Wall Street's expectations of 78 cents per share. The...