Fifth & Pacific posts operating loss as Juicy Couture struggles
(Reuters) - Fashion company Fifth & Pacific Cos Inc FNP.N reported a loss from its continuing operations, hurt by the ongoing struggles of its Juicy Couture brand.
Fifth & Pacific, known as Liz Claiborne Inc until May, reported a third-quarter net loss of $18.8 million, or 17 cents a share, compared with a year-earlier loss of $214.6 million, or $2.27 a share.
Excluding discontinued business, the company had an adjusted loss of 5 cents per share, compared with earnings from continuing operations of 4 cents per share a year earlier.
Net sales fell 4.2 percent to $364.6 million.
Earlier in October, the company slashed its profit forecast for 2012 because of a stalled turnaround at Juicy, its largest brand by sales, and the need to cut prices on Juicy items to get shoppers to buy them.
(Reporting By Phil Wahba; Editing by Gerald E. McCormick)