Feb 21, 2013
Fifth & Pacific reports higher results, reaffirms 2013 forecast
Feb 21, 2013
Fifth & Pacific Cos Inc on Thursday reported a holiday-quarter profit that came in slightly above its own projections and reaffirmed its recent 2013 forecast.
The company, once known as Liz Claiborne, confirmed its preliminary fourth-quarter sales performance, given in January.
Same-store sales rose 27 percent at kate spade, its fast-growing fashion brand, and rose 3 percent at Lucky Brand, a more casual label. Same-store sales fell 2 percent at Juicy Couture, its biggest business but one that has struggled after falling out of favor with U.S. consumers.
Fifth & Pacific reported earnings before interest, taxes, depreciation and amortization, or EBITDA, of $69 million, above its most recent forecast of $63 million to $68 million for the fourth quarter, which ended Dec. 29.
The company, once known as Liz Claiborne, reiterated its forecast for adjusted EBITDA of $120 million to $150 million for 2013.
Sources told Reuters last month that Fifth & Pacific was considering selling off Juicy. In December, Fifth & Pacific hired Paul Blum as chief executive for the brand in December.
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