| As of Wednesday, November 25th: |
LATEST EARNINGS RESULTS
- Dubai Fallout Is a Correction, Not Another Crisis: El-Erian
- Dubai's Debt Woes Signal New Era for Creditors
- Banks With The Biggest Exposure to The UAE
- Slideshow: The World's Biggest Debtor Nations
- US Dollar Rises Against Most Currencies—Except Yen
- Shoppers Hit Black Friday Sales, Budgets Pared
- Slideshow: Fantasy Christmas Gifts 2009
- EA Sports Hopes to Pump Up Sales With Pop-Ups
- Cheap Robotic Hamsters Are Holiday's Unlikely Craze
- Is Super Bowl Halftime Act Too Old?
- Surprising Options Trades in TiVo Shares
- EA Sports Hopes to Pump Up Sales Through Pop-Up Locations
- 8 Retailers that Gain During the Holidays
- Farrell: What's Different On This Black Friday
- 10 Dividend Picks For Your Portfolio: Chief Investors
- 4 Thanksgiving Week Buys For Your Portfolio: Market Pros
- There's a 'Great Chance' For a Double-Dip Recession: Strategist
- Revenge of the Gangsta Nerds
MOST SHARED
- Dubai Fallout Is a Correction, Not Another Crisis: El-Erian
- Finding the Holiday's Best Buys
- 8 Retailers that Gain During the Holidays
- Banks Play Down Dubai Exposure, Investors Still Wary
- More Asia Executives Resigned to Economy Flights: Survey
- Shoppers Hit Black Friday Sales, Budgets Pared
- US Markets Bracing for Selloff On Worries About Dubai's Debt
- Attraction of Switzerland to Businesses
- San Miguel Sells $1.36 Billion Stake to Ally
Text Size 
Liz Claiborne said fourth-quarter and 2008 earnings will be well below analysts' expectations, as the clothing company's sales suffer amid a consumer spending slowdown, sending shares falling as much as 15 percent.
 |
The company also said it will delay its fourth-quarter earnings report and the filing of its 2007 annual report due to complexity surrounding a current restructuring, which includes selling the Ellen Tracy unit, discontinuing the Sigrid Olsen line and licensing Dana Buchman to Kohl's.
New York-based Liz [LIZ
Loading...
()
], which had amassed more than 40 brands over the years aside from its namesake sportswear line, announced a sweeping reorganization in July that included trying to sell 16 wholesale brands and cutting up to 800 jobs.
So far, it has announced plans for all but two brands -- Mac & Jac and Kensie -- and pledged to finish the review by the end of the current quarter.
At a time when clothing manufacturers are being squeezed by higher labor and energy costs and fewer orders from department stores that are pushing their own private labels, Liz Claiborne is seeking to revive its fortunes.
It is focusing on four brands -- Mexx, Juicy Couture, Lucky Brand Jeans and Kate Spade -- that have their own retail stores, which appeal to young and hip customers.
In the fourth quarter ended Dec. 29, the company said those brands performed well amid the difficult retail environment.
Quarterly sales at stores open at least a year fell 3 percent for Mexx and 1 percent for Lucky Brand, but rose 25 percent for the much smaller Juicy Couture chain.
The company, which expects to release fourth-quarter earnings no later than March 13, expects to report a net loss of 90 cents to $1 per share, compared with a year-earlier profit.
Excluding expenses from the restructuring and other one-time items, Liz expected earnings of 15 cents to 25 cents per share, way below analysts' average estimate of 63 cents, according to Reuters Estimates.
Net sales in the quarter fell 3 percent to $1.21 billion, the company said, slightly below the analysts' average expectation of $1.24 billion, according to Reuters Estimates.
The company also projected fiscal 2008 earnings per share in the range of $1.50 to $1.70 per share, excluding items, citing caution over the uncertain macroeconomic situation.
Analysts, on average, had been expecting $1.98 per share, excluding items, in 2008, according to Reuters Estimates.
Liz was the top percentage loser on the NYSE.
Print
Email
- TiVo Reports Quarterly Loss but Matches Forecasts
TiVo announced a quarterly loss that matched analysts' forecasts, but its sales topped expectations.
- Hewlett-Packard Profit Rises, Matches Guidance
Hewlett-Packard said a strong performance in China and improved profit margins in its services business helped drive quarterly earnings 14 percent higher.
- Analog Devices Results Beat Expectations; Shares Rise
Analog Devices reported a quarterly profit that fell from a year ago but topped Wall Street's expectations, sending shares higher in extended trading.
- TiVo Reports Quarterly Loss but Matches Forecasts
- Tyson Food Profit Beats Estimates
Tyson Foods posted higher-than-expected quarterly results on Monday on strength in its beef, pork and prepared foods businesses, which it expects to continue in its new fiscal year.
- Tyson Food Profit Beats Estimates
- Horton Results Miss Estimates, Shares Drop
- Dell Shares Smacked as Earnings, Sales Miss Forecasts
- Gap Reports Earnings in Line With Forecasts
- Intuit Posts Narrower-Than-Expected Loss
- Sears Posts Second Consecutive Quarterly Loss
- BJ's Wholesale Profit Falls, Hurt by Falling Food Prices
- Salesforce Profit Beats Forecasts, but Shares Fall
- Autodesk Shares Fall on Disappointing Outlook
- Home Depot Profit Beats; Says Markets Under Pressure
- Target Third Quarter Profit Up, Cautious on Fourth
- Weak US Housing Market Drags on Lowe's Profit
- JC Penney Profit Falls, but Shares Up on Forecast
- Disney Profit, Sales Top Forecasts; Shares Jump
- Nordstrom Earnings Miss Forecasts; Shares Take Hit
- Wal-Mart Holiday Forecast Light, Profit Beats
Data is a real-time snapshot *Data is delayed at least 15 minutes