Here’s an interesting move: Fifth & Pacific (FNP)�this morning said same-store sales at its Juicy Couture shops fell 2% in the fourth quarter, and lowered its full-year earnings guidance — but its stock is leading the Standard & Poor’s 500 1500 index today, up 10%.
The devil, of course, is in the detail: Fifth & Pacific’s 2012 adjusted EBITDA guidance of $100 million to $105 million is still mostly ahead of consensus estimates of $101 million, according to FactSet, and sales at its Kate Spade stores were up 27% in the latest quarter.
That said, the picture is still somewhat mixed: The company, which also owns Lucky Brand, gave 2013 full-year adjusted EBITDA�guidance of $120 million to $150 million, below analysts’ expected $154 million.
Still, in this morning’s announcement, CEO William McComb sounded an upbeat note:
Overall for the company, 2012 was a year of progress marked by industry leading growth at kate spade, and a significant improvement in performance at Lucky Brand — tempered however by a miss in North America caused by merchandising and other issues at Juicy Couture that we believe are now being corrected under Paul Blum’s direction…I am optimistic about delivering sizeable growth in 2013 at kate spade and Lucky Brand, while recognizing that the fixes at Juicy Couture will come late in 2013 and into 2014.
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