Liz revises adjusted EPS guidance to a range of $1.40 to $1.60

13 May '08

3 min read

William L. McComb, Chief Executive Officer of Liz Claiborne Inc., said: "Despite the significant macroeconomic challenges facing us, we are pleased to report first quarter adjusted EPS from continuing operations of $0.28, highlighted by solid top line growth in our retail-based Direct Brands segment. The significant reduction in Partnered Brands and corporate expenses has enabled the redeployment of resources to support continued growth in our Direct Brands segment. Meaningful progress has been made across our company in the past four quarters and will continue into 2009 and beyond as we pursue the re-launch of our flagship Liz Claiborne brand under the design direction of Isaac Mizrahi and the re-launch of our Claiborne men's business as well. We remain focused on our strategy to develop our growth brands and improve our legacy businesses and applaud the commitment to change and hard work of all our LCI associates."

Mr. McComb added, "No question the difficult economic environment has lowered visibility into our future financial performance and presented new challenges for us, our retail partners and consumers both in the U.S. and Europe. For these reasons, we have revised our 2008 adjusted EPS guidance to a range of $1.40 to $1.60 from our previous range of $1.50 to $1.70. In providing this revised guidance, we note that higher food and energy prices, higher mortgage payments and declining consumer confidence anticipated for the second half of the year are reducing our visibility into key metrics that impact our performance, including retail traffic, conversion rates, expected markdowns and wholesale shipments."

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Liz Claiborne Inc

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