Home / Knowledge / News / Apparel/Garments / Retailer Fifth & Pacific lowers full-year profit target
Retailer Fifth & Pacific lowers full-year profit target
03
Oct '12
Fifth & Pacific Companies Inc revised forecasted 2012 adjusted EBITDA from a range of $125 to $140 million to $100 to $115 million. The Company also announced preliminary Q3 2012 direct-to-consumer comparable sales (inclusive of e-commerce net sales) as follows:                                             

William L. McComb, Chief Executive Officer of Fifth & Pacific Companies, Inc., said: "We updated our 2012 projections for each of our brands, and the resulting guidance for our overall corporation. While two of the brands continue to perform well, as we now have visibility as to comparable sales and margins for the third quarter at Juicy Couture, we are not seeing the improved results we were forecasting for Juicy and are not expecting Juicy to achieve its forecasted results in the fourth quarter.”

“This means our near term guidance must be brought in line with the trends we are seeing while we continue to work through merchandising improvements there. We continue to be optimistic about our ability to turn around the Juicy business results and capitalize on its very strong global brand awareness and reputation; in the meantime, kate spade's results are powerful and encouraging, and Lucky Brand is continuing to perform well."
 
Mr. McComb continued, "Where previously kate spade's outperformance of its forecasts had kept us on target overall for the year, even while Juicy had experienced difficulties during the first half of the year, because of what we know about the third quarter at Juicy, we are now forecasting consolidated fiscal 2012 adjusted EBITDA, excluding unrealized foreign currency transaction gains or losses, to be in the range of $100 to $115 million, compared to the previous range of $125 to $140 million, primarily driven by significant shortfalls in full price sell-through rates at Juicy Couture in the third quarter and expectations for these trends to continue for the balance of the year.”
 
“This new forecast also assumes continued strong performance at kate spade and performance at Lucky Brand to slightly exceed expectations. For the third quarter of 2012, we are forecasting adjusted EBITDA, excluding unrealized foreign currency transaction gains or losses, to be in the range of $17 to $20 million."
 
 

Must ReadView All

Textiles | On 28th Feb 2017

China's textile & apparel exports up 10.2% in Jan 2017

Exports of textiles and garments from China resumed growth in the...

Apparel/Garments | On 28th Feb 2017

Delta Galil's Q4 operating profit jumps 80%

In the three months to December 31, 2016, operating profit at apparel ...

View of YiwuTex 2016; Courtesy: YiwuTex

Textiles | On 28th Feb 2017

Smart knitting system to grace 18th YiwuTex 2017

The thematic functional knitting machinery zone at the 18th YiwuTex...

Interviews View All

Claudia Kersten
Global Organic Textile Standard

‘GOTS is a very efficient supply chain management tool, especially for...

Jurgen Gauger
Spreadshirt

‘Buying crowdsourced or creative designs are much more appealing to the...

DK Sharma
Velocity Apparelz

We constantly communicate with employees at all levels

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
February 2017

February 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search