Liz Claiborne CEO gives upbeat long-term outlook

NEW YORK (Reuters) - Liz Claiborne Inc. (LIZ.N), the restructuring apparel company, expects annual sales to grow at a high-single-digit rate in the long-term, and earnings per share to grow at a high-teen percentage rate, its chief executive said on Wednesday.

Speaking at an analysts' conference, CEO William McComb also said the company is targeting operating margins to grow at a mid-teen percentage rate and return on invested capital to grow in the high-teen range.

McComb also said sales to retailer Macy's Inc. (M.N) should account for about 12 percent of Liz Claiborne sales in 2007, but should drop to below 10 percent in 2008 as the company seeks to reduce its reliance on department stores, which are consolidating and pushing their own in-house brands.