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Cost reduction initiatives on track for Liz Claiborne
15
Feb '08
Liz Claiborne Inc pre-announced an expected range of earnings for the fourth quarter and full year 2007. For the year 2007, the Company expects to report a loss per share of ($0.25) - ($0.35) compared to diluted earnings per share ("EPS") of $2.46 for the full year 2006.

Adjusted diluted EPS for the year 2007 are currently estimated to be in the range of $1.25 - $1.35 compared to previous adjusted diluted EPS guidance of $1.70 - $1.80. Adjusted diluted EPS were $2.99 for the year 2006. Net sales for the year 2007 were approximately $4.581 billion, a decrease of 1.4% from the comparable 2006 year.

These estimated results reflect continued weak results in the Partnered Brands segment which includes the brands under strategic review, partially offset by positive performance in the Direct Brands segment.

For the fourth quarter of 2007, the Company expects to report a loss per share of ($0.90) - ($1.00) compared to diluted EPS of $0.71 for the fourth quarter 2006. Adjusted diluted EPS for the fourth quarter of 2007 is currently estimated to be in the range of $0.15 - $0.25 compared to adjusted diluted EPS of $0.94 for the fourth quarter 2006. Net sales for the fourth quarter of 2007 were approximately $1.211 billion, a decrease of 3.0% from the comparable 2006 period.

The adjusted year and fourth quarter 2007 results exclude the impact of expenses incurred resulting from the Company's previously announced plans to streamline its operations in 2007, non-cash charges associated with the impairment of its Ellen Tracy trademark (prior to giving effect to any additional impairment that may result from the disposition of the trademark), expenses associated with the elimination of certain cosmetics brands, and the loss related to the disposition of certain previously announced brands under review.


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