AP
Liz Claiborne posts larger 3rd-quarter loss
Wednesday November 4, 8:52 am ET
Liz Claiborne posts bigger 3rd-quarter loss on slumping sales during the recession, charges

NEW YORK (AP) -- Liz Claiborne Inc. said Wednesday that its third-quarter loss widened as the women apparel maker's sales sank 24 percent amid the economic downturn.

The loss attributable to Liz Claiborne was $90.5 million, or 96 cents, per share, compared with a loss of $68.7 million, or 73 cents per share, during the same period a year ago.

The loss from continuing operations for the period ending Oct. 3 was $87.8 million, or 93 cents per share, compared to $9.4 million, or 10 cents per spare.

The adjusted loss from continuing operations was 43 cents, which accounts for a charge related to changes in foreign currency exchange rates. The results also exclude expenses related to exiting some brands and goodwill impairment charges.

Analysts predicted a loss of 20 cents per share. Analysts' estimates generally exclude one-time items.

Sales sank 24.2 percent to $769.6 million from $1.01 billion, and the results missed Wall Street's estimate of $798.9 million.

In the fourth quarter so far, the company said it is posting "significantly improved" sales at stores open more than a year, but these sales will be about flat overall in its Juicy Couture, Lucky Brand and Kate Spade brands and down about 10 percent in its Mexx brand.

Shares of the New York company fell 18 cents, or 3.3 percent, to $5.30 in premarket trading.



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