Home / Knowledge / News / Apparel/Garments / Liz achieves SG&A expense levels well below expectations
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.


Must ReadView All

Chinese firm sets up textile-garment chain in Vietnam

Apparel/Garments | On 13th Dec 2017

Chinese firm sets up textile-garment chain in Vietnam

Worldon Vietnam Co. Ltd under the Chinese Shenzhou Group is likely to ...

Courtesy: SATO Global Solutions

Information Technology | On 13th Dec 2017

Sensor networks improve inventory management

Sensor networks like radio frequency identification (RFID) and smart...

CMAI hails review of FTP as 'progressive package'

Apparel/Garments | On 13th Dec 2017

CMAI hails review of FTP as 'progressive package'

The Clothing Manufacturers' Association of India (CMAI) has hailed...

Interviews View All

Rahuul Jashnani
Jashn

‘Online economy has changed the whole dynamics of buying habits.’

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

Deepak Jain
Baggout

We are using Facebook and Instagram to promote ourselves

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Urmil Arya

Sushila International, a well established textile organisation established ...

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

Johan Berlin
InvestKonsult Sweden AB

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

Giorgio Mantovani
Corman S.p.A

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

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Bani Batra

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

Madhu Jain
Madhu Jain

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

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

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

December 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.6%
No
12.0%
Skip
18.5%

Total Votes: 92

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
62.0%
No
30.4%
Skip
7.6%

Total Votes: 92

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.0%
No
9.8%
Skip
3.3%

Total Votes: 92

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
81.5%
No
8.7%
Skip
9.8%

Total Votes: 92


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search