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."
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