Net sales for the first quarter of 2013 were $372 million, an increase of $55 million, or 17.2%, from the comparable 2012 period. Adjusted loss per share from continuing operations for the first quarter of 2013 was ($0.16), compared to adjusted loss per share from continuing operations of ($0.22) for the first quarter of 2012.
Adjusted EBITDA, net of foreign currency transaction adjustments, was $2 million for the first quarter of 2013 and ($1) million for the first quarter of 2012.
William L. McComb, Chief Executive Officer of Fifth & Pacific Companies, Inc., said: "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. kate spade posted a 63% increase in total net sales and a 22% increase in direct-to-consumer comparable sales, driven by strong performance in all channels of its business.
"Excluding the impact of $25 million in net sales associated with kate spade Japan, net sales for kate spade increased 34%. We also remain excited about the prospects for the recently launched Kate Spade Saturday lifestyle brand, which is off to a promising start. Adjusted EBITDA for kate spade was ahead of plan in the quarter, despite the planned dilution on adjusted EBITDA margin resulting from the reporting impact of the kate spade Japan acquisition, the launch of Kate Spade Saturday, the expansion of jack spade and the start-up of operations for the brand in Asia."
Mr. McComb concluded: "At Lucky Brand, total net sales increased 16% in the first quarter, driven primarily by the timing impact of wholesale shipments, while direct-to-consumer comparable sales increased 2% in the quarter. Lucky continued to generate strong full price selling in the quarter which resulted in direct–to-consumer gross margin improvement of approximately 210 basis points compared to last year. Performance at Juicy Couture in the first quarter was consistent overall with our expectation as gross margins were down significantly compared to 2012.
“Total net sales for the brand were down (11%) in the quarter and direct-to-consumer comparable sales decreased (2%). We believe that the underlying issues at Juicy are being corrected under the direction of its new CEO, Paul Blum, and his team. For fiscal 2013, we continue to forecast adjusted EBITDA, net of foreign currency transaction adjustments, in the range of $120 to $150 million."
Fifth & Pacific Companies
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