Liz Claiborne profit tops view; narrows '08 range
NEW YORK (Reuters) - Clothing and accessories maker Liz Claiborne Inc LIZ.N 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.
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