Home / Knowledge / News / Apparel/Garments / Liz Claiborne sees healthy growth in direct to consumer biz
Liz Claiborne sees healthy growth in direct to consumer biz
30
Jul '11
Liz Claiborne Inc announced earnings for the second quarter of 2011. For the second quarter of 2011 on a GAAP basis, the loss from continuing operations was ($88) million, or ($0.93) per share, compared to a loss from continuing operations of ($77) million, or ($0.81) per share, for the second quarter of 2010.

Adjusted loss per share from continuing operations for the second quarter was ($0.34), compared to an adjusted loss per share from continuing operations of ($0.16) for the second quarter of 2010 (inclusive of losses of ($0.04) per share in the second quarter of 2011 and gains of $0.12 per share in the second quarter of 2010, primarily resulting from the impact of changes in foreign currency exchange rates on our eurobond).

Net sales for the second quarter were $556 million, an increase of $19 million, or 3.5%, from the comparable 2010 period. Excluding the impact of a $37 million decrease in net sales of brands that have been licensed or exited, a significant portion of which was associated with our Liz Claiborne family of brands as we transitioned to the licensing model under the arrangements with JCPenney in the US and Puerto Rico and with QVC, net sales increased $56 million, or 10.3%. The impact of changes in foreign currency exchange rates in our international businesses increased net sales by $19 million in the second quarter of 2011.

For the first half of 2011, the Company recorded a loss from continuing operations of ($172) million, or ($1.82) per share, compared to a loss from continuing operations for the first half of 2010 of ($132) million, or ($1.40) per share. Adjusted loss per share from continuing operations in the first half of 2011 was ($0.90) compared to an adjusted loss per share from continuing operations of ($0.48) in the first half of 2010 (inclusive of (losses) of ($0.19) per share in the first half of 2011 and gains of $0.27 per share in the first half of 2010, primarily resulting from the impact of changes in foreign currency exchange rates on our eurobond).

Net sales for the first half of 2011 were approximately $1.069 billion, a decrease of $52 million, or 4.6%, from the comparable 2010 period. Excluding the impact of a $95 million decline in net sales related to brands that have been licensed or exited, a significant portion of which was associated with a decrease in sales of our Liz Claiborne family of brands as we transitioned to the licensing model under the arrangements with JCPenney in the US and Puerto Rico and with QVC, net sales increased $43 million, or 3.8%.

William L. McComb, Chief Executive Officer of Liz Claiborne Inc., said: "Adjusted EBITDA,excluding foreign currency transaction losses, of $6 million in the second quarter increased $14 million compared to the second quarter of 2010, and was in line with our previously stated outlook. We continue to forecast adjusted EBITDA,excluding foreign currency transaction gains or losses, in the range of $100to $120 million for fiscal 2011."

Must ReadView All

Textiles | On 28th Mar 2017

India may impose duty on elastomeric filament yarn

The Government of India is likely to impose anti-dumping duty on...

Courtesy: Lee Cooper

Apparel/Garments | On 28th Mar 2017

CCI clears FLFL proposal to divest Lee Cooper

The Competition Commission (CCI) of India has approved the proposal...

Textiles | On 28th Mar 2017

Bardoli CEFC to benefit south Gujarat MSMEs

India’s first common engineering facility centre (CEFC) at Bardoli,...

Interviews View All

C Kamatchisundaram
Voltas

ITME is an occasion not only to receive new leads but also to work on...

Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd

Increasing prices and lack of demand main issues facing industry

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
March 2017

March 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search