Jan 14 Fashion company Fifth & Pacific reported weaker-than-expected fourth-quarter sales for its Juicy Couture business and said fixes for the struggling label will not come until late this year at the earliest, sending its shares down 6.5 percent in premarket trade.
For the quarter, which included the critical holiday shopping season, same-store sales rose 27 percent at kate spade and 3 percent at Lucky Brand, the company said on Monday. Same-store sales fell 2 percent at Juicy Couture, according to preliminary results.
The company, formerly known as Liz Claiborne Inc, said it expects earnings before interest, taxes, depreciation and amortization of $63 million to $68 million for the fourth quarter and $100 million to $105 million for the full year, which it said is at the low end of its forecast.
For 2013, the company forecast EBITDA of $120 million to $150 million, and same-store sales growth at a low teens percentage rate for kate spade and mid- to high-single-digit rate for Lucky Brand. For Juicy Couture, it said same-store sales should be flat to slightly negative.
Fifth & Pacific shares fell to $12.01 in premarket trade from their close on Friday at $12.84 on the New York Stock Exchange.