Fifth & Pacific Companies (NYSE:FNP), which designs and markets premium brands Juicy Couture and Kate Spade, reported its fiscal Q4 net income tripled as net sales climbed. For the quarter ended Dec. 28, Q4 net income rose to $185.2 million, or $1.48 per share, up from $57 million, or $0.47 per share, a year earlier. Excluding one-time items and discontinued operations such as the Lucky Brand that was sold earlier this month, the company earned $0.15 per share in the latest quarter, up from $0.04 per share a year earlier, but missing analysts’ mean estimate of $0.29 per share.
It wasn’t clear if the analyst estimates excluded earnings from Lucky Brand. Net sales climbed 22% to $426.9 million, below analysts’ mean estimate of $508 million. The company excluded Lucky Brand sales from its net sales figure; it wasn’t clear if the analyst estimate excluded Lucky Brand sales.
The company noted its name will change to Kate Spade & Co. beginning Wednesday, with its stock ticker changing to KATE. New Chief Executive Craig Leavitt said despite bad weather, “I’m happy with the business trends in the first quarter-to-date, which are consistent overall with our expectations. We are seeing continued strong performance in the key handbag/small leather goods category, in particular.” He added the company is reaffirming its previously guided range of $115 to $125 million for adjusted EBITDA for fiscal 2014, which includes Kate Spade, the Adelington Design Group and Corporate.
Shares were inactive in recent pre-market trading after slipping 1.5% to $31 in Monday’s after-hours session ahead of the results. They have a 52-week range of $16.86 to $34.41.