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Liz achieves SG&A expense levels well below expectations
06
Aug '10
Liz Claiborne Inc. announced earnings for the second quarter of 2010. For the second quarter of 2010 and on a GAAP basis, the loss per share from continuing operations was ($0.92) compared to a loss per share from continuing operations of ($0.82) for the second quarter of 2009.

Adjusted loss per share from continuing operations for the second quarter was ($0.19), compared to an adjusted loss per share from continuing operations of ($0.49) for the second quarter of 2009 (inclusive of income (loss) of $0.13 per share in the second quarter of 2010 and ($0.05) in the second quarter of 2009, resulting from the impact of changes in foreign currency exchange rates on our eurobond).

Net sales for the second quarter were $570 million, a decrease of $105 million, or 15.5%, from the comparable 2009 period. Excluding the impact of a $33 million decrease in net sales of the Liz Claiborne family of brands resulting from the transition to the licensing models under the JCPenney and QVC arrangements, net sales decreased $72 million, or 10.6%.

For the first half of 2010, the Company recorded a loss from continuing operations of ($150) million, or ($1.59) per share, compared to a loss from continuing operations in 2009 of ($162) million, or ($1.72) per share. Adjusted loss per share from continuing operations in the first half of 2010 was ($0.57) compared to an adjusted loss per share from continuing operations of ($0.85) in 2009 (inclusive of income (loss) of $0.26 per share in the first half of 2010 and ($0.01) per share in the first half of 2009, resulting from the impact of changes in foreign currency exchange rates on our eurobond).

Net sales for the first half of 2010 were approximately $1.178 billion, a decrease of $272 million, or 18.7%, from the comparable 2009 period. Excluding the impact of an $85 million decrease in net sales of the Liz Claiborne family of brands resulting from the transition to the licensing models under the JCPenney and QVC arrangements, net sales decreased $187 million, or 12.9%.

The adjusted results for the second quarter and first half of 2010 and 2009 exclude the impact of expenses incurred in connection with the Company's streamlining initiatives and brand-exiting activities, non-cash impairment charges and non-cash write-offs of debt issuance costs.

The Company believes that the adjusted results for the second quarter and first half of 2010 and 2009 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.

William L. McComb, Chief Executive Officer of Liz Claiborne Inc., said: "Our operating results in the second quarter were in-line with the guidance we provided in May. We were pleased to see improved gross margins at Juicy Couture, kate spade and Partnered Brands in the quarter. As expected, Lucky Brand posted significant comp store sales declines as the new management team prepared our 230 stores for a re-launch this Fall by clearing inventory at very low average unit retail prices.


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