Liz Claiborne Inc announced diluted earnings per share ('EPS') of $0.38 for the second quarter 2006 compared to diluted EPS of $0.50 for the second quarter 2005. Net sales for the second quarter 2006 were $1.125 billion, an increase of 2.4% from the comparable 2005 period.
Adjusted diluted EPS for the second quarter 2006 were $0.46, compared to adjusted diluted EPS of $0.51 for the second quarter 2005, a 9.8% decrease.
For the six months of 2006, diluted earnings per share were $0.83 compared to diluted EPS of $1.15 for the comparable 2005 period. Net sales for the six months of 2006 were $2.296 billion, a decrease of 0.7% from the comparable 2005 period.
Adjusted diluted EPS for the six months of 2006 were $1.08, compared to adjusted diluted EPS of $1.17 for the comparable 2005 period, a 7.7% decrease.
Paul Charron, Chairman and CEO of Liz Claiborne, said, "The company performed reasonably well during the second quarter. The strength and diversity of our portfolio enabled us to offset under-performance in some of our businesses with strong performances in other areas. The current market environment continues to be challenging, with higher interest rates, climbing energy prices and geopolitical unrest collectively continuing to dampen consumer spending, while ongoing retail consolidation mandates conservative planning."
Charron continued, "While these factors were clearly reflected in decreased wholesale apparel sales, we were able to achieve continued growth in our wholesale non-apparel and retail businesses, driven by solid performance in our accessories and cosmetics lines as well as solid same-store sales growth for our specialty retail doors, as we continue to execute our specialty retail expansion strategy. We are also quite pleased with the double digit top line growth and notable operating margin expansion in our international businesses, as this is an area of focus for us."
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