Feb 25 (Reuters) - Fifth & Pacific Cos Inc’s revenue jumped 22 percent in the holiday quarter as its trendy kate spade handbags proved a hit with shoppers.
The company said net sales of its Kate Spade division surged 48 percent to $256 million in the fourth quarter ended Dec. 28, while same-store sales rose 30 percent.
The brand accounted for 60 percent of Fifth & Pacific’s total revenue of about $426.9 million.
The company, like rivals Michael Kors Holdings Ltd and Tory Burch, is aggressively expanding its stores in the United States.
Bigger rival Coach Inc said last month that sales in North America fell 9 percent in the holiday quarter as it continued to lose customers.
Shares of Fifth & Pacific, which said earlier that it would change its name to Kate Spade & Co, will trade under the new “KATE” symbol from Wednesday on the New York Stock Exchange.
Fifth & Pacific’s net income rose to $185.2 million, or $1.48 per share, in the fourth quarter from $51 million, or 47 cents per share, a year earlier.
The company’s shares closed at $31.46 on the New York Stock Exchange on Monday.
The stock, which rose about 80 percent in the year to Monday’s close, is trading at 118.6 times forward earnings.