Liz Claiborne Inc. designs and markets an extensive range of branded women's and men's apparel, accessories and fragrance products. Our diverse portfolio of quality brands -- available domestically and internationally via wholesale and retail channels -- consistently meets the widest range of consumers' fashion needs, from classic to contemporary, active to relaxed and denim to streetwear.

URL : http://www.lizclaiborneinc.com

Liz Claiborne Inc. Reports 1st Quarter Results 
- Reports Q1 Fiscal 2008 GAAP Loss per Share from Continuing Operations of ($0.16) and Adjusted EPS from Continuing Operations of $0.28 - Quarter Highlighted by a 28% Sales Increase in Retail-based Direct Brands and Significant Reduction in Partnered Brands and Corporate Expenses, Enabling Redeployment of Resources to Support Continued Growth in Direct Brands - Records Inventory Decrease of 18% Compared to Q1 2007 - Reports Cash Flow from Operating Activities of $316 Million over the Last Twelve Months - Revises 2008 Adjusted EPS Guidance to a Range of $1.40 to $1.60
NEW YORK, May 13, 2008 /PRNewswire-FirstCall via COMTEX News Network/ -- Liz Claiborne Inc. (NYSE: LIZ) today announced earnings for the first quarter. On a GAAP basis, the loss per share from continuing operations was ($0.16) compared to diluted earnings per share ("EPS") from continuing operations of $0.10 for the first quarter of 2007. Adjusted diluted EPS from continuing operations for the first quarter of 2008 were $0.28 compared to adjusted diluted EPS from continuing operations of $0.16 for the first quarter of 2007. Net sales for the first quarter of 2008 (which had an extra week as compared to the prior year) were $1.122 billion, an increase of 4.9% from 2007, which excluded net sales from discontinued operations in both periods. 
The first quarter 2008 results on an adjusted basis exclude the impact of expenses incurred in connection with the Company's streamlining activities, the loss on disposal of discontinued operations and the results of discontinued operations. The first quarter 2007 results on an adjusted basis exclude the impact of expenses incurred in connection with the Company's streamlining activities and the results of discontinued operations. 
The Company believes that the adjusted results for the first quarter of 2007 and 2008 and the adjusted projected results for fiscal 2008 represent a more meaningful presentation of its historical and estimated operations and financial performance since these results provide period to period comparisons that are consistent and more easily understood. The attached tables, captioned "Reconciliation of Non-GAAP Financial Information", provide a full reconciliation of actual results to the adjusted results. 
William L. McComb, Chief Executive Officer of Liz Claiborne Inc., said: "Despite the significant macroeconomic challenges facing us, we are pleased to report first quarter adjusted EPS from continuing operations of $0.28, highlighted by solid top line growth in our retail-based Direct Brands segment. The significant reduction in Partnered Brands and corporate expenses has enabled the redeployment of resources to support continued growth in our Direct Brands segment. Meaningful progress has been made across our company in the past four quarters and will continue into 2009 and beyond as we pursue the re-launch of our flagship Liz Claiborne brand under the design direction of Isaac Mizrahi and the re-launch of our Claiborne men's business as well. We remain focused on our strategy to develop our growth brands and improve our legacy businesses and applaud the commitment to change and hard work of all our LCI associates." 
Mr. McComb added, "No question the difficult economic environment has lowered visibility into our future financial performance and presented new challenges for us, our retail partners and consumers both in the U.S. and Europe. For these reasons, we have revised our 2008 adjusted EPS guidance to a range of $1.40 to $1.60 from our previous range of $1.50 to $1.70. In providing this revised guidance, we note that higher food and energy prices, higher mortgage payments and declining consumer confidence anticipated for the second half of the year are reducing our visibility into key metrics that impact our performance, including retail traffic, conversion rates, expected markdowns and wholesale shipments." 
Mr. McComb continued, "In this environment, we will continue to focus on disciplined execution of our strategy while improving operating margins in the near term in both our Direct and Partnered Brands segments with an emphasis on rigorous management of expenses, inventories and cash flow, while continuing to bring new talent into the Company and build key operating capabilities." 
 

Liz Claiborne Inc. Reports 4th Quarter and Full Year Results
- Records a Pre-tax, Non-cash Goodwill Impairment Charge of $451 Million, Driving a Fiscal 2007 GAAP Loss per Share of ($3.74) - Reports Fiscal 2007 Adjusted EPS of $1.30 - Fiscal 2007 Cash Flow from Operating Activities Remains Strong at $274 Million - Reaffirms 2008 Adjusted EPS Guidance in the Range of $1.50 - $1.70
NEW YORK, March 13, 2008 /PRNewswire-FirstCall via COMTEX News Network/ -- Liz Claiborne Inc. (NYSE: LIZ) today announced earnings for the fourth quarter and full year 2007. For the year 2007 and on a GAAP basis, the loss per share was ($3.74) compared to diluted earnings per share ("EPS") of $2.46 for the full year 2006. Adjusted diluted EPS for the year 2007 were $1.30 compared to adjusted diluted EPS of $2.99 for the year 2006. Net sales for the year 2007 were $4.577 billion, a decrease of 1.4% from 2006, which excluded in both periods net sales from discontinued operations. As discussed in our February 14, 2008 pre-announcement, these results reflect weak results in the Partnered Brands segment which includes the brands under strategic review, partially offset by positive performance in the Direct Brands segment.
For the fourth quarter of 2007 and on a GAAP basis, the loss per share was ($4.55) compared to diluted EPS of $0.71 for the fourth quarter 2006. Adjusted diluted EPS for the fourth quarter of 2007 were $0.20 compared to adjusted diluted EPS of $0.94 for the fourth quarter 2006. Net sales for the fourth quarter of 2007 were approximately $1.208 billion, a decrease of 3.2% from the comparable 2006 period, which excluded in both periods net sales from discontinued operations.
The Company recorded a pre-tax, non-cash goodwill impairment charge of $451 million in the fourth quarter in its Partnered Brands segment. The Company had accumulated significant goodwill balances in this segment in recent years resulting from its focus on acquisitions during that period. Actual and projected performance and cash flows in this segment, as well as the impact of the sale or planned sale, licensing or closure of the brands under strategic review, no longer supported this goodwill balance.
The full year and fourth quarter 2007 results on an adjusted basis exclude the impact of expenses incurred in connection with the Company's previously announced plans to streamline its operations in 2007, non-cash charges associated with goodwill and trademark impairment in its Partnered Brands segment, expenses associated with the elimination of certain cosmetics product offerings, and the loss related to the disposition of certain previously announced brands under review, but includes the results of discontinued operations. The full year and fourth quarter 2006 results on an adjusted basis exclude the impact of expenses incurred in connection with the Company's streamlining activities.
The Company believes that the adjusted results for the fourth quarter and full year 2007 and 2006 and the adjusted projected results for fiscal 2008 represent a more meaningful presentation of its historical and estimated operations and financial performance since these results provide period to period comparisons that are consistent and more easily understood. The attached tables, captioned "Reconciliation of Non-GAAP Financial Information", provide a full reconciliation of actual results to the adjusted results.

William L. McComb, Chief Executive Officer of Liz Claiborne Inc., said: "The adjusted earnings and cash flow we are reporting today are consistent with our February 14th pre-announcement. At that time, we indicated the need to complete a goodwill and trademark impairment review which resulted in a pre-tax, non-cash goodwill impairment charge of $451 million in our Partnered Brands segment. This charge did not impact our cash flow or liquidity, which remain strong, with fiscal 2007 positive cash flow from operating activities of $274 million. We are projecting cash flow from operating activities to approximate $350 million in fiscal 2008." 
Liz Claiborne, Inc. Completes Sale of Laundry By Design and C&C California to Perry Ellis International, Inc.
NEW YORK, Feb. 4 /PRNewswire-FirstCall/ -- Liz Claiborne, Inc. (NYSE: LIZ) announced today that it has completed the previously announced sale of Laundry By Design and C&C California to Perry Ellis International Inc. ("Perry Ellis"). The Company has agreed to provide certain transition services to Perry Ellis to ensure a smooth transition for retail partners, vendors and employees

Liz Claiborne Inc. Reports 2nd Quarter and Six Month Sales and EPS
NEW YORK, July 31 /PRNewswire-FirstCall/ -- Liz Claiborne Inc. (NYSE: LIZ) announced today diluted earnings per share ("EPS") of $0.13 for the second quarter 2007 compared to diluted EPS of $0.38 for the second quarter 2006. Net sales for the second quarter 2007 were $1.131 billion, an increase of 0.5% from the comparable 2006 period.
Adjusted diluted EPS for the second quarter 2007 were $0.26 compared to adjusted diluted EPS of $0.45 for the second quarter 2006. These results are adjusted to exclude the impact of expenses resulting from the Company's previously announced plans to streamline its operations in 2007 and 2006.
For the six months of 2007, diluted earnings per share were $0.29 compared to diluted EPS of $0.83 for the comparable 2006 period. Net sales for the six months of 2007 were $2.284 billion, a decrease of 0.5% from the comparable 2006 period.
Adjusted diluted EPS for the six months of 2007 were $0.48, compared to adjusted diluted EPS of $1.05 for the comparable 2006 period. These results are adjusted to exclude the impact of expenses resulting from the Company's previously announced plans to streamline its operations in 2007 and 2006.
The Company believes that the adjusted results for the quarter and six months of 2007 in this release provide a more meaningful comparison of its operational and financial performance. The attached tables, captioned "Reconciliation of Non-GAAP Financial Information", provide a full reconciliation of actual results to the adjusted results.