US: Fifth & Pacific narrows Q3 losses
- Q3 losses narrow to $19m
- Sales down 4.2% to $365m
- Juicy Couture continues to struggle
US fashion firm Fifth & Pacific has reaffirmed its full-year earnings guidance after narrowing its third-quarter net losses, even though sales of its Juicy Couture brand continue to struggle.
The company earlier this month said it expects full-year EBITDA to be in the range of US$100m to $115m, which is lower than previous guidance of $125m to $140m.
Fifth & Pacific - which has changed its name from Liz Claiborne Inc - on Thursday (25 October) said third-quarter net loss narrowed to US$19m. This compares with a loss of $214.5m last year, when losses from discontinued operations came to $221.6m. Adjusted loss from continuing operations in the third quarter was $0.05 per share.
Operating loss during the quarter narrowed to $300,000, compared to a $6m loss last year.
Sales slipped 4.2% to $365m. On a comparable basis, net sales increased 6.6%, excluding the $39m decline in sales associated with the brands that have been sold or exited over the past year.
Comparable sales at Lucky Brand rose 5%, while Kate Spade booked a 22% jump, but Juicy Couture was flat with last year.
"We were pleased with the performance of Kate Spade and Lucky Brand during the quarter, where both brands had solid increases in net sales and adjusted EBITDA," said CEO William McComb.
"Performance at Juicy Couture in the third quarter was well below our expectation."
Fifth & Pacific has no plans to take the struggling Juicy Couture brand downmarket as part of efforts to turnaround the business, and instead says it will focus on its own stores and productivity....
Fifth & Pacific Companies has reiterated its commitment to its struggling Juicy Couture brand as the apparel firm outlined its goals and priorities for 2013....
The Guatemalan government has agreed to enforce its labour laws - finally resolving a complaint filed in 2008 by the US government under the Dominican Republic-Central America Free Trade Agreement (DR...
US women's wear retailer Ascena Retail Group has appointed Erin Stern as its executive vice president and chief merchandising officer of the Maurices brand....
Luxury fashion brand Aquascutum has appointed former Juicy Couture finance director Mark Taylor as the new chief operating officer of its UK business....
US value apparel retailer Body Central has announced a series of executive appointments across its merchandising and e-commerce departments....
- Will Amazon take over the US apparel market?
- VF Corp confirms interest in Africa sourcing
- US groups seek workable apparel provisions in TPP
- Pakistan textile mills fear rash of closures
- G-Star RAW pushes the boundaries of denim
- VF Corp ups guidance on "strong" Q2
- Under Armour secures Germany and Austria deals
- Metallised thread for "revolutionary" RFID tag
- Bangladesh workers rally for unpaid wages
- Manufacturing in China falls to 15-month low
- Ethiopia – the emerging textile and clothing industry
- Global Database of the Top 1000 Apparel Producers - Company Names, Financial Performance, and Contact Details
- Global market review of workwear - forecasts to 2019
- Management briefing: Factory safety and auditing: The key challenges
- Global market review of denim and jeanswear – forecasts to 2020