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

13
May '08
Liz Claiborne Inc announced earnings for the first quarter. On a GAAP basis, the loss per share from continuing operations was ($0.16) compared to diluted earnings per share ("EPS") from continuing operations of $0.10 for the first quarter of 2007. Adjusted diluted EPS from continuing operations for the first quarter of 2008 were $0.28 compared to adjusted diluted EPS from continuing operations of $0.16 for the first quarter of 2007. Net sales for the first quarter of 2008 (which had an extra week as compared to the prior year) were $1.122 billion, an increase of 4.9% from 2007, which excluded net sales from discontinued operations in both periods.

The first quarter 2008 results on an adjusted basis exclude the impact of expenses incurred in connection with the Company's streamlining activities, the loss on disposal of discontinued operations and the results of discontinued operations. The first quarter 2007 results on an adjusted basis exclude the impact of expenses incurred in connection with the Company's streamlining activities and the results of discontinued operations.

The Company believes that the adjusted results for the first quarter of 2007 and 2008 and the adjusted projected results for fiscal 2008 represent a more meaningful presentation of its historical and estimated operations and financial performance since these results provide period to period comparisons that are consistent and more easily understood. The attached tables, captioned "Reconciliation of Non-GAAP Financial Information", provide a full reconciliation of actual results to the adjusted results.


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