Feb 21 Fifth & Pacific Cos Inc on
Thursday reported a holiday-quarter profit that came in slightly
above its own projections and reaffirmed its recent 2013
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
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.