NEW YORK (TheStreet) -- Shares of Kate Spade & Co. (KATE) are down 3.51% to $34.06 in late morning trading Tuesday, after the fashion house reported mixed fourth quarter earnings results this morning, along with a light 2015 sales guidance.

For the fourth quarter, the company posted earnings of of 24 cents per share, falling short of the 28 cents per share analysts had estimated.

But, sales rose 44.7% year over year to $399 million for the quarter, better than the $389.44 million analysts were expecting.

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For 2015, the company said it now expects sales between $1.2 billion to $1.275 billion, lower compared to analysts' expectations of $1.284 billion for the year.

Kate Spade noted that its full-year guidance reflects plans to pull back promotions, and excludes Kate Spade Saturday and Jack Spade brick-and-mortar store results.

Also, the company announced an expansion of its home category with four new Kate Spade New York licensing agreements. The company says the partnerships will fuel its long-term growth strategy and continued focus on product category expansion.

"We are intently focused on our two key axes of growth - product category expansion and geographic expansion - and reaching customers across our four category pillars, women's, men's, children's and home," said CEO Craig Leavitt.

New York City-based Kate Spade designs and markets a portfolio of retail-based, premium brands, including Juicy Couture, Kate Spade, and Lucky Brand.

Separately, TheStreet Ratings team rates KATE SPADE & CO as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

"We rate KATE SPADE & CO (KATE) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its notable return on equity, robust revenue growth and compelling growth in net income. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, generally higher debt management risk and premium valuation."

• You can view the full analysis from the report here: KATE Ratings Report

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