NEW YORK (AP) — Fifth & Pacific Companies Inc.'s fourth-quarter net income more than tripled from the prior year as the clothing and accessories company sold trademarks related to the Juicy Couture brand.
The company, once known as Liz Claiborne Inc., has been shedding businesses to focus on its Kate Spade brand. Last year it announced deals to sell its Juicy Couture brand and denim line Lucky Brand.
On Wednesday, the company will be renamed Kate Spade & Co. and trade under the new ticker symbol "KATE" on the New York Stock Exchange.
CEO William McComb said he will leave the company Tuesday and be replaced by Craig Leavitt, who currently runs the Kate Spade brand.
For the fourth quarter, the company reported net income of $185.2 million, or $1.48 per share, in the quarter ending Dec. 28. That compares with net income of $57 million, or 47 cents per share, a year ago.
Earnings from continued operations, which includes Juicy Couture, but excludes Lucky Brand, rose to $1.29 per share in the fourth quarter from 42 cents per share a year ago.
Revenue rose 22 percent to $426.9 million from $349.1 million.
Selling its Juicy Couture trademarks helped the company record a gain of $179 million in the fourth quarter.
Fourth-quarter revenue for its Kate Spade brand rose 48 percent to $256 million.
Kate Spade, which has 118 retail stores, makes handbags, clothing, shoes and jewelry for women. The company also owns the Jack Spade brand, which sells clothing and accessories for men, and the Adelington Design Group, which makes jewelry under the Liz Claiborne, Monet and Dana Buchman brands.
Shares of New York-based Fifth & Pacific rose $1.55, or 4.9 percent, to $33.01 in late morning trading Tuesday.