Liz Claiborne Reports Wider-Than-Expected Q3 Loss of $0.43 Per Share (LIZ)
Wed. November 04, 2009; Posted: 09:40 AM
Nov 04, 2009 (SmarTrend(R) News Watch via COMTEX) --
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PowerRating -- 11/4/2009 - Liz Claiborne (NYSE:LIZ) reported a Q3 loss of $0.43 per share, ex-items, worse than consensus analyst estimates for a loss of $0.20 per share. Revenue for the quarter fell 24.2% year-over-year to $769.6 million, falling short of consensus estimates of $798.9 million. CEO William McComb said, "Our financial results in the third quarter reflect some early signs of turning around underperforming businesses. We reduced our adjusted operating loss by $12 million compared to the second quarter as comparable store sales in our key retail formats were better overall compared with the outlook we provided on our August call, resulting in decreases of 13% at Juicy Couture, 16% at Lucky Brand, 3% at Kate Spade, 13% at Mexx and 13% in the US Liz Claiborne outlets . . . Fourth quarter to date, we are posting significantly improved comparable store sales results compared to the year to date trend as we have seen solid execution overall on the merchandising initiatives we outlined on our August call."
Write to Chip Brian at cbrian@tradethetrend.com
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