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 20th Jan 2017

TEA expects budget to upscale textile skill industry

The Tiruppur Exporters’ Association (TEA) has requested the Central...

Textiles | On 20th Jan 2017

Bangladesh could earn $60 billion in exports by 2021

Bangladesh is expected to earn over $60 billion in exports by the...

Courtesy: PIB

Textiles | On 20th Jan 2017

Govt to help Tangaliya weavers purchase looms: Irani

Government of India will facilitate Tangaliya weavers in purchase of...

Interviews View All

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Ajay Ghariwala
Luthra Group

We are ready to adopt or follow every opportunity

Krishnanand Tripathi
Textrade International Ltd

We believe in vocational education for entry-level employees, offering...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

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
January 2017

January 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