Liz Claiborne Inc on Wednesday announced net sales for the fourth quarter 2006 were $1.33 billion, an increase of 10.8% from the comparable 2005 period. For the full year 2006, earnings per share were $2.46 compared to diluted earnings per share of $2.94 for the comparable 2005 period. Net sales for the full year 2006 were $4.99 billion, an increase of 3.0% from the comparable 2005 period. The Company, who’s portfolio includes C&C California, Juicy Couture and DKNY, believes that the adjusted results for the quarter and full year in this release provide a more meaningful comparison of its operational and financial performance.
William L. McComb, Chief Executive Officer of Liz Claiborne, said: “Although the environment was challenging in the fourth quarter, we generated adjusted earnings per share in line with our previously announced estimates. While net sales grew at a double-digit pace, with strong increases in retail and wholesale non-apparel, operating income was impacted by our streamlining initiatives.
Sales of Lucky Brand grew 37 percent year-to-year. Sales of Juicy Couture increased 30 percent for the year, and more than doubled in the fourth quarter, compared with a year ago, primarily due to the brand’s fragrance launch. Sales were further buoyed by the acquisition of Kate Spade accessories. While the company pours money into creating buzz around its power brands, which include Kate Spade and Juicy Couture, it may shed other labels. As reported, Claiborne is closing its Mexx business in the U.S., which once had 11 stores, but today is down to four.
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