NEW YORK — Kate Spade’s direct-to-consumer comparable sales for November and December were ahead of its sister brands at Liz Claiborne Inc.
Comps for Kate Spade were up 39 percent in December and 81 percent in November, compared with Lucky Brand, which rose 21 percent in December and 16 percent in November. The third global lifestyle brand in the Liz portfolio is Juicy Couture, which posted negative comps in both months. Juicy comps were down 5 percent in December and fell 7 percent in November. The company said December results are “preliminary.”
William L. McComb, chief executive officer at Liz Claiborne, said: “Comps at Juicy were generally in line with our expectation, and we look forward to the new team’s product, which is shipping this month. We anticipate reporting a year-end inventory position that is below plan, particularly at Juicy Couture.”
The company also said it expects 2011 pro-forma adjusted earnings before interest, taxes, deprecation and amortization, excluding foreign currency transaction gains or losses, to be in-line with guidance, at the low end of the range of $80 to $90 million. That’s due largely to “negative comps and lower than planned gross margins at Juicy,” according to the ceo.
It also revised its forecasted 2012 adjusted EBITDA, excluding foreign currency transaction gains or losses, to the range of $125 million to $140 million from the previous guidance of $130 million to $150 million. McComb said the updated range reflects a “more cautious view of how much cost reduction we can achieve in 2012 versus 2013 as well as a more conservative outlook for the wholesale channel at both Juicy Couture and Lucky Brand.”
The firm’s net debt position at yearend of 2011 is expected to be between $265 million to $270 million, below its previously expected range of between $270 million to $290 million.
“In December, we completed two transactions that further strengthened our capital structure — the purchase of 100 million euro of our 5 percent euro notes as well as the exchange of $21 million of our 6 percent convertible notes into 6.2 million shares of stock. Importantly, we have sufficient cash to settle the remaining outstanding balance of 121.5 million euro of the 5 percent euro notes, which are due in July 2013,” McComb said.
Liz Claiborne said its chief financial officer, Andrew Warren, is leaving the company on March 16, by mutual agreement, to “pursue an opportunity in the media industry.”
It was later disclosed by Discovery Communications that the firm named Warren to the position of senior executive vice president and cfo, a post he is to take on March 26.
As reported, Liz Claiborne is planning on changing its name to Fifth & Pacific Cos. Inc., and will trade under its new stock symbol “FNP” on the New York Stock Exchange.
“My personal philosophy to beauty is paying attention to oneself. I love to be outdoors, lots of fresh air, trying to take care of yourself as best you can. I always notice that comes through,” says Felicity Jones, the global face of @shiseido-owned @cledepeaubeauteus, which launches today. Head to WWD.com to read more about the actress’ love for beauty and how she prepared for her new role in “The Basis of Sex,” playing the young Ruth Bader Ginsburg. #wwdbeauty (📷: @dandoperalski)
For men’s fall 2018, @giuseppezanotti drew on elements from streetwear, sport, biker, combat and rock ‘n’ roll. Pictured here are a pair of shoes from the collection, featuring zippers, rhinestones, and silver hardware. Head to WWD.com to see a roundup of the accessories from Milan’s men’s fall 2018 shows. #wwdfashion (📷: Andrea Delb)
To celebrate the 25th anniversary of @ralphlauren’s snowboarding collection, the brand is mining its archives. The iconic brand is reintroducing vintage styles and dropping new designs for a color capsule that will be available in Ralph Lauren stores and @openingceremony on January 25. The capsule will consist of 10 pieces, including the Snow Beach Pullover, pictured here, which is a collector’s item that rapper Raekwon wore in Wu-Tang Clan’s “Can It Be All So Simple” video. #wwdfashion (📷: Tom Gould)
For @rochasofficial’s pre-fall 2018 collection, creative director Alessandro Dell’Acqua channeled the sophisticated and intriguing Catherine Denevue in the film “Belle de Jour.” Polished collarless coats, midi skirts, suits and ’60s graphic motifs were all featured in the collection, adding a sense of discreet luxury. See the rest of the photos on WWD.com #wwdfashion
“We tried to produce clothing of that couture quality, but the most daunting part was that we only had a matter of days [to do it],” said costume designer Lou Eyrich, who recreated Gianni Versace’s iconic looks for @americancrimestoryfx. Eyrich searched online retailers and vintage shops for original pieces from the design house and for @penelopecruzoficial, who plays Donatella Versace. Head to WWD.com to read how she created the Versace world. #wwdfashion
Only three months after her stellar debut catwalk season, @kaiagerber has inked her first big design collaboration –– with @karllagerfeld. The collection blends Lagerfeld’s Parisian chic aesthetic and the model’s signature West Coast casual style via RTW, accessories, footwear and more. The #KarlLagerfeldxKaia collection will launch in September with a series of events. Get all the details on WWD.com. #wwdnews #wwdfashion
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