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Fifth & Pacific records 13.4% rise in Q2 sales
08
Aug '13
Fifth & Pacific Companies, announced results for the second quarter of 2013. For the second quarter of 2013 on a GAAP basis, loss from continuing operations was ($36) million, or ($0.30) per share, compared to loss from continuing operations of ($50) million, or ($0.46) per share, for the second quarter of 2012.

Net sales for the second quarter of 2013 were $382 million, an increase of $45 million, or 13.4%, from the comparable 2012 period. Adjusted loss per share from continuing operations for the second quarter of 2013 was ($0.12), compared to adjusted loss per share from continuing operations of ($0.09) for the second quarter of 2012.

Adjusted EBITDA, net of foreign currency transaction adjustments, was $8 million for the second quarter of 2013 and $16 million for the second quarter of 2012.

For the first half of 2013, the Company recorded a loss from continuing operations of ($76) million, or ($0.63) per share, compared to a loss from continuing operations for the first half of 2012 of ($101) million, or ($0.96) per share. Adjusted loss per share from continuing operations in the first half of 2013 was ($0.27) compared to an adjusted loss per share from continuing operations of ($0.31) in the first half of 2012. Net sales for the first half of 2012 were $754 million, an increase of $100 million, or 15.3%, from the comparable 2012 period.

William L. McComb, Chief Executive Officer of Fifth & Pacific Companies, Inc., said: "We were pleased overall with the performance of our brands during the quarter, as we believe we remain on track to achieve our 2013 financial targets. Kate Spade posted a 65% increase in total net sales, driven by strong performance in all channels of its business and a 27% increase in direct-to-consumer comparable sales.

Excluding the impact of $22 million in net sales associated with Kate Spade Japan, net sales for Kate Spade increased 43%. Kate Spade remains on track to achieve its adjusted EBITDA target of $130 to $140 million for the year, despite the planned dilution on adjusted EBITDA margin resulting from the reporting impact of the Kate Spade Japan acquisition and the launch of Kate Spade Saturday."

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Fifth & Pacific

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