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Fifth & Pacific sells Lucky Brand Jeans; will focus on Kate Spade
New York -- Fifth & Pacific Companies will sell its Lucky Brand Jeans division to an affiliate of Leonard Green & Partners for $225 million as it focuses on its fast-growing Kate Spade brand.
"We believe that by focusing all of our resources on the huge opportunity at Kate Spade, we can deliver the strongest value creation opportunity for our shareholders,” said William L. McComb, CEO of Fifth & Pacific (formerly known as Liz Claiborne). “This is all about bringing Kate Spade to its full potential.”
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New stores fuel Burlington’s third-quarter results
Burlington Stores credited performance at new stores for driving net sales during the third quarter.
The company’s net sales increased 10% to $1.06 billion, from $967.9 million. The increased was fueled primarily by a $53.2 million increase in sales related to new stores and stores previously opened that are not included in same-store sales, as well as a 3.9% increase in same-store sales.
The company also shrank its net loss to $7.4 million from $16.8 million during the quarter, compared to the prior-year quarter.
