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Liz Claiborne Direct Brands segment sales up in Q4
14
Mar '08
Liz Claiborne Inc announced earnings for the fourth quarter and full year 2007. For the year 2007 and on a GAAP basis, the loss per share was ($3.74) compared to diluted earnings per share (EPS) of $2.46 for the full year 2006.

Adjusted diluted EPS for the year 2007 were $1.30 compared to adjusted diluted EPS of $2.99 for the year 2006. Net sales for the year 2007 were $4.577 billion, a decrease of 1.4% from 2006, which excluded in both periods net sales from discontinued operations.

As discussed in our February 14, 2008 pre-announcement, these results reflect 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 and on a GAAP basis, the loss per share was ($4.55) compared to diluted EPS of $0.71 for the fourth quarter 2006.

Adjusted diluted EPS for the fourth quarter of 2007 were $0.20 compared to adjusted diluted EPS of $0.94 for the fourth quarter 2006. Net sales for the fourth quarter of 2007 were approximately $1.208 billion, a decrease of 3.2% from the comparable 2006 period, which excluded in both periods net sales from discontinued operations.

The Company recorded a pre-tax, non-cash goodwill impairment charge of $451 million in the fourth quarter in its Partnered Brands segment. The Company had accumulated significant goodwill balances in this segment in recent years resulting from its focus on acquisitions during that period.


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