Liz Claiborne 3Q profit falls |
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Tue, 30 Oct 2007 12:26
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NEW YORK (AP) - Women's apparel company Liz Claiborne Inc. said Tuesday its third quarter profit dropped 65 percent due to hefty charges and a drop in sales in the company's partnered brands division.For the quarter ended Sept. 29, net income fell to $33.1 million, or 33 cents per share, from $95.2 million, or 93 cents per share in the prior year period.The company said excluding charges for streamlining operations, trademark impairments and a $2.5 million loss on the disposal of discontinued operations, it earned 63 cents per share.Analysts polled by Thomson Financial expected earnings of 68 cents per share.Revenue fell 4 percent to $1.26 billion from $1.31 billion in the third quarter of 2006. Analysts predicted sales of $1.33 billion.The company said its direct brands segment performed well, but results in its partnered brands division were weak. Sales in the direct brands division, which includes the Maxx, Juicy Couture, Lucky Brand and Kate Spade names, rose 18 percent while sales in the partnered brands unit fell 19 percent.Chief Executive William L. McComb called the quarterly results 'tough to look at' but said they were consistent with what the company expected.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Liz Claiborne 3Q profit falls; company lowers 2007 earnings forecasts 