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Liz Claiborne Q2 result out, posts 8.7 % growth
27 Jul '05
14 min read
They ended the second quarter with $1.872 billion in stockholders' equity, giving us a total debt to total capital ratio of 21.2 percent at the end of the second quarter of 2005, compared to 22.1 percent at the end of the second quarter of 2004. As of the end of the second quarter of 2005, they had approximately $246 million remaining on their share repurchase authorization.
Accounts receivable increased $36 million, or 7.8 percent, at the end of the second quarter of 2005 compared to the end of the second quarter of 2004, primarily due to increased sales volume and the timing of shipments in the quarter. The impact on our accounts receivable balance of foreign currency exchange rates in our international businesses was not material.
Inventories increased $35 million, or 6.4 percent, at the end of the second quarter of 2005 compared to the end of the second quarter of 2004. New business initiatives added $8 million to our inventory levels. The continuing expansion of our specialty retail business added $16 million to our inventory levels. The impact on our inventory balance of foreign currency exchange rates in our international businesses was not material.
Net cash provided by operating activities was $24 million in the six months of 2005, compared to $57 million in the six months of 2004. This $33 million decrease in cash flow was primarily due to changes in working capital in 2005 compared to 2004, driven primarily by year-over-year changes in accrued expenses primarily due to the payment of employment-related obligations, partially offset by year-over-year changes in our inventory balance as well as the year-over-year increase in net income.
Accounts receivable increased $36 million, or 7.8 percent, at the end of the second quarter of 2005 compared to the end of the second quarter of 2004, primarily due to increased sales volume and the timing of shipments in the quarter. The impact on our accounts receivable balance of foreign currency exchange rates in our international businesses was not material.
Inventories increased $35 million, or 6.4 percent, at the end of the second quarter of 2005 compared to the end of the second quarter of 2004. New business initiatives added $8 million to our inventory levels. The continuing expansion of our specialty retail business added $16 million to our inventory levels. The impact on our inventory balance of foreign currency exchange rates in our international businesses was not material.
Net cash provided by operating activities was $24 million in the six months of 2005, compared to $57 million in the six months of 2004. This $33 million decrease in cash flow was primarily due to changes in working capital in 2005 compared to 2004, driven primarily by year-over-year changes in accrued expenses primarily due to the payment of employment-related obligations, partially offset by year-over-year changes in our inventory balance as well as the year-over-year increase in net income.
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