Liz Claiborne 3rd-qtr profit falls

NEW YORK, Oct 30 (Reuters) - Clothing company Liz Claiborne Inc (LIZ.N: Quote, Profile, Research, Stock Buzz) posted sharply lower quarterly profit on Tuesday, hurt by weak sales of some wholesale brands.

Net income for the fiscal third quarter ended Sept. 29 was $33.1 million, or 33 cents per share, compared with $95.2 million, or 93 cents per share, a year ago.

The company, which is trying to shift its focus from wholesale to retail, put 16 of its brands up for sale in July as part of an overhaul by Chief Executive William McComb.

Last month the company said the U.S. arm of Hong Kong-based sourcing and trading company Li & Fung Ltd (0494.HK: Quote, Profile, Research, Stock Buzz) agreed to buy four brands. (See here for "Shop Talk" -- Reuters' retail and consumer blog)