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Liz Claiborne projects larger second-quarter loss than forecasted
2009-06-18 19:26:23 (GMT) (Caymanmama.com - Business News)
Greensboro, North Carolina (CaymanMama.com) — Women’s clothing manufacturer and retailer Liz Claiborne Inc announced Thursday its projections for a wider second-quarter loss than originally forecasted by analysts, sending shares plummeting by 13 percent.
Liz Claiborne, owner of the Kate Spade, Juicy Couture and Lucky brands, said in a regulatory filing that it anticipates its loss in the second quarter to be larger than in the first quarter, before one-time items, though no reason was given why.
A stream of apparel companies have suffered during the recession as department stores and other chains cut back on inventory and consumers opt against on nonessential purchases.
Liz Claiborne Chief Executive William McComb said the retailer was streamlining operations to better perform in the “new normal” cautious environment.
“Liz Claiborne reported a loss of 37 cents a share, excluding one-time items, in the first quarter. Analysts, on average, forecast a second-quarter loss of 33 cents a share,” according to Reuters.
The company said “there is still some uncertainty regarding the results for the quarter,” ending on July 4.
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