US: Brand sale boosts Liz Claiborne Q4 profit
- Q4 net profit US$229.2m, versus $30.1m loss
- Sales down 2.6% to $447.1m
- Impacted by falling sales at Juicy Couture
Apparel company Liz Claiborne recorded a strong increase in fourth quarter profit, but saw its most significant brand lose sales over the crucial Christmas trading period.
The business, which changes its name to Fifth & Pacific Companies in May, would have posted a loss for the three months to 31 December but for the sale of its namesake Liz Claiborne brand to retailer JC Penney.
It recorded underlying earnings per diluted share of US$0.10, compared to $0.14 in last year’s fourth quarter.
Sales fell 2.6% thanks to a 15.4% revenue decline for Juicy Couture, partially offset by revenue gains by Lucky Brand and Kate Spade of 23.2% and 73.4% respectively.
Updating the brands’ recent performance, Liz Claiborne said comparable store sales for Lucky Brand were up 29% in January and 21% in February to date, while for Kate Spade, the respective increases were 30% and 16%.
Meanwhile, Juicy Couture’s comps declines were 8% in January and 2% in February to date – sales trends which Liz Claiborne CEO William McComb described as “very encouraging”.
McComb added that the company was focused on maximising the growth opportunities for its three brands in 2012.
Click here for more analysis: Juicy Couture weighs on Liz Claiborne fortunes.
Fifth & Pacific has managed to narrow its losses from continuing operations during the second half, helped by strong sales growth at the Kate Spade brand....
Women's wear firm BCBG Max Azria Group has inked a licensing deal with Trimera Group to market and distribute its swimwear globally, including lines from BCBG Max Azria and BCBGeneration....
Fifth & Pacific Companies-owned Kate Spade New York will open its first store in Canada in November....
Apparel firm Fifth & Pacific Companies Inc (formerly Liz Claiborne Inc) is to buy its Kate Spade Japan business from a joint venture partner as part of an ongoing international push for the brand....
Gerber Technology has appointed Keith Krystofolsky as vice president of professional services for the company's YuniquePLM and webPDM software products. ...
- Supply chain takeaways from Sourcing at MAGIC
- Why voters don’t want more global supply chains
- Cotton supply chain transparency an ongoing issue
- Denim and athleisure top picks for back-to-school
- What's 3D-printing doing for apparel and footwear?
- H&M takes action over Myanmar child labour breach
- Vietnam garment industry calls for strategy update
- US Q2 in brief - Burlington Stores, Destination XL
- Zara USA faces US$5m deceptive pricing lawsuit
- EU clothing imports from China continue to plunge
- Too Many Standards
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Under Armour, Inc. (UA) - Financial and Strategic SWOT Analysis Review
- Central America strategic sourcing review - a focus on Guatemala, El Salvador and Honduras
- Myanmar's Garment Sector in 2015 - now with updated members' directory