By
Reuters
Reuters
Published
Apr 28, 2011
Apr 28, 2011
Liz Claiborne posts another quarterly loss
By
Reuters
Reuters
Published
Apr 28, 2011
Apr 28, 2011
April 27 - Liz Claiborne Inc reported its 14th straight quarterly loss that was much wider than estimates as shoppers turned up their nose at its merchandise and showed they still want bargains.
![]() Juicy Couture (Liz Claiborne Inc) |
Chief Executive William McCombm, who took the reins in 2006, said in February that the company's turnaround has proved turbulent.
However, on a conference call on Wednesday, McCombm said Fall orders were strong and the company is seeing better full-price sales at its Lucky Brand jeans, but sales at Juicy Couture were down.
The clothing maker and retailer reported a net loss of $84 million, or 88 cents a share. Sales fell 12 percent to $513 million.
Claiborne said its adjusted loss from continuing operations for the quarter was 56 cents a share, while analysts on average were expecting a loss of 32 cents, according to Thomson Reuters I/B/E/S.
As part of its long-term effort to turn around its business, Liz Claiborne had sold, licensed, or closed a host of underperforming wholesale brands in recent years to focus on four high-potential brands with their own retail stores.
On the call, the company said it was ramping up its e-commerce business. For the first quarter, it beefed up its e-commerce and marketing spend at Juicy, Lucky and Kate Spade by $8 million.
Shares of the company fell 2 percent to $6.40 after the bell. They closed at $6.55 in regular trading on Wednesday the New York Stock Exchange.
(Reporting by Nivedita Bhattacharjee and Phil Wahba; Editing by Gopakumar Warrier)
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