Liz Claiborne posts net loss
NEW YORK (Reuters) - Clothing and accessories maker Liz Claiborne Inc reported better-than-expected adjusted earnings on Wednesday, helped by cost-cutting and strong sales at Juicy Couture, but narrowed the range of its full-year outlook due to economic uncertainty.
On a net basis, the owner of the Juicy Couture, Mexx, Kate Spade and Lucky Brand chains reported a loss of $23.2 million, or 25 cents per share, for the second quarter ended July 5, compared with a net profit of $13.6 million, or 13 cents per share, a year ago.
Adjusted earnings from continuing operations were 9 cents per share, said the company, which also owns department store-based brands like Liz Claiborne, Enyce and Narciso Rodriguez.
Analysts on average had been expecting earnings of nil per share, according to Reuters Estimates.
Net sales fell to $973.8 million from $1.05 billion a year earlier.
The company expects 2008 earnings per share in the range of $1.40 to $1.50 per share, compared to its prior range of $1.40 to $1.60 per share.
For the third quarter, the company forecast adjusted earnings of 37 cents to 42 cents per share.
(Reporting by Martinne Geller, editing by Gerald E. McCormick and Derek Caney)