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Liz Claiborne reports Q2 & first nine months results
05
Nov '09
Liz Claiborne Inc. announced earnings for the third quarter and first nine months of 2009. Unless otherwise noted, references to loss from continuing operations, net loss and adjusted loss or income from continuing operations and associated per share amounts refer to such amounts attributable to Liz Claiborne Inc. For the third quarter of 2009 and on a GAAP basis, the loss per share from continuing operations was ($0.93) compared to a loss per share from continuing operations of ($0.10) for the third quarter of 2008.

Adjusted loss per share from continuing operations for the third quarter was ($0.43) (inclusive of a ($0.06) per share non-cash charge resulting from the impact of changes in foreign currency exchange rates on our eurobond) compared to adjusted diluted earnings per share ("EPS") from continuing operations of $0.39 for the third quarter of 2008. Net sales from continuing operations for the third quarter were $770 million, a decrease of $245 million, or 24.2%, from the comparable 2008 period.

For the first nine months of 2009, we recorded an operating loss of ($199) million compared to an operating loss of ($18) million in 2008. Adjusted operating loss in the first nine months of 2009 was ($121) million compared to adjusted operating income of $137 million in 2008. The Company recorded a loss from continuing operations in the first nine months of 2009 of ($251) million, or ($2.67) per share, compared to a loss from continuing operations in 2008 of ($31) million, or ($0.33) per share.

Adjusted loss per share from continuing operations in the first nine months of 2009 was ($1.28) compared to adjusted diluted EPS from continuing operations of $0.83 in 2008. Net sales from continuing operations for the first nine months of 2009 were approximately $2.233 billion, a decrease of $841 million, or 27.4%, from the comparable 2008 period.

The adjusted results for the third quarter and first nine months of 2009 and 2008 exclude the impact of expenses incurred in connection with the Company's streamlining and brand-exiting activities and non-cash goodwill and trademark impairment charges. The Company believes that the adjusted results for the third quarter and first nine months of 2009 and 2008 represent a more meaningful presentation of its historical operations and financial performance since these results provide period to period comparisons that are consistent and more easily understood. The attached tables, captioned "Reconciliation of Non-GAAP Financial Information", provide a full reconciliation of actual results to the adjusted results.

William L. McComb, Chief Executive Officer of Liz Claiborne Inc., 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."

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