US: Fifth & Pacific happy with trends as profit climbs
- Q4 earnings reach US$185.2m
- Net sales up 22%
- Kate Spade sales jump 48%
Sales of Fifth & Pacific's Kate Spade division jumped 48%
Apparel giant Fifth & Pacific Companies has said it is happy with the business trends in its first-quarter as it booked an increase in end of year earnings.
The performance of its core Kate Spade brand, which accounts for around 60% of group sales, drove earnings for Fifth & Pacific in the quarter ended 28 December. Net profit climbed to US$185.2m from $57m a year earlier.
The company, which will be known as Kate Spade & Co from tomorrow (25 February), recorded a net sales increase of 22% to $426.9m.
Revenues of its Kate Spade division jumped 48% to $256m in the quarter, while same-store sales were up 30%.
"Even with all of the bad weather, I'm happy with the business trends in the first quarter-to-date, which are consistent overall with our expectations," said CEO Craig Leavitt, who takes over from the outgoing William McComb today.
The company re-affirmed its previously guided range of $115m to $125m for full-year adjusted EBITDA.
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