Fifth & Pacific Cos. Inc. on Thursday posted fourth-quarter and full-year results.
For the three months ended Dec. 29, net income was $57 million, or 47 cents a diluted share, from $229.2 million, or $1.91, a year ago. On an adjusted basis for both periods, earnings before interest, taxes, depreciation and amortization were $69 million versus $56 million a year ago.
Net sales for the quarter rose 8.8 percent to $486.5 million from $447.1 million. The sales figures represent in part an increase in its Kate Spade business, partially offset by a decline in the Juicy Couture operation.
By business segment, Juicy sales fell 4.4 percent in the quarter to $153.6 million, while Lucky Brand sales rose 0.4 percent to $137.4 million. Kate Spade sales jumped 56.8 percent to $172.7 million, including a $16 million contribution from the acquisition of Kate Spade Japan.
For the year, the company posted a net loss of $74.5 million, or 68 cents, on a net sales decrease of 0.9 percent to $1.51 billion.
William L. McComb, chief executive officer, said, “2012 brought industry leading growth at Kate Spade and a significant improvement in performance at Lucky Brand. While progress in these two businesses was tempered by a miss in North America at Juicy Couture, we are optimistic that we are correcting the underlying issues at Juicy under the direction of its new ceo, Paul Blum.”
The company also reaffirmed its 2013 forecast for adjusted EBITDA of between $120 million to $150 million, a guidance that the firm first noted in January when it provided preliminary fourth-quarter sales estimates.
Earlier this month, LeAnn Nealz decided to leave her position as president and chief creative officer at Juicy. Her last day is March 1. She joined the brand, still best known for its tracksuits, in November 2010.
McComb, in a conference call to Wall Street analysts, said that while Nealz is leaving the company with a “much-improved brand imagery, we still have real work to do this year on product assortment.” He also said that Blum will have some announcement within a two-to-six-week time period, but declined to elaborate further. Later in the call the suggestion was that it might involve Nealz’s successor.
Shares of Fifth & Pacific rose 0.9 percent to $17.46 in trading Thursday on the New York Stock Exchange.
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews
@prada is introducing a new project at its men’s fall 2018 show this Sunday: “Prada Invites.” The fashion house invited four celebrated creative minds – @ronanaerwanbouroullec, Konstantin Grcic, @herzogdemeuron and @rem.koolhaas – to each create a unique item with its iconic nylon material. The designs will be unveiled on the runway show, which will take place at the company’s warehouse in Viale Ortles 25. #wwdfashion #mfwm (📷: @martinocarrera)
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion