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Liz Claiborne's Q4 profit declines, sales up

Mar '06
Apparel retailer Liz Claiborne Inc has announced diluted earnings per share ("EPS") of $0.74 for the fourth quarter 2005 compared to diluted EPS of $0.75 for the fourth quarter 2004.

The net sales for the fourth quarter 2005 were a record $1.200 billion, up 0.2 percent over the comparable 2004 period.

For the full year 2005, diluted EPS increased 3.2 percent to $2.94, up from $2.85 in 2004. Net sales for the full year 2005 were a record $4.848 billion, up 4.6 percent over the comparable 2004 period.

Paul Charron, Chairman and CEO, said, "We are pleased with our 2005 performance, but we know we have more work to do to further enhance profitability and drive long-term growth at Liz Claiborne Inc. In the face of a challenging market environment, we continue to focus on those things we can control. We're taking significant steps to take costs out of the business and streamline our operations to more efficiently manage our brand portfolio and more closely align our business with rapidly changing customer and consumer needs.”

Charron continued, "In addition, we remain committed to strategic acquisitions as part of our growth strategy. With a robust balance sheet and strong cash flow from operations, we have the financial flexibility to take advantage of opportunities where the strategy is compelling and the price is appropriate."

The net sales for the fourth quarter of 2005 were a record $1.200 billion, an increase of $2 million, or 0.2 percent, compared to the fourth quarter of 2004. The impact of foreign currency exchange rates, primarily as a result of the weakening of the euro, in our international businesses reduced net sales by approx. $21 million, or 1.8 percent, during the quarter.

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