Liz Claiborne swings to 2Q loss; cuts outlook
NEW YORK --Liz Claiborne Inc. swung to a loss in the second quarter as the apparel company's results were hampered by selling off of a slew of brands and an overall sales decline in its department store accounts.
The New York-based company also cut its profit outlook amid the slowing economy.
Liz Claiborne said it lost $23.16 million, or 25 cents per share, in the quarter ended July 5. That compares with a profit of $13.6 million, or 13 cents per quarter, in the year-ago period.
The loss from continuing operations was 9 cents per share compared to a profit of 23 cents per share in the year-ago period.
Liz Claiborne narrowed its projected earnings per share for the fiscal year to $1.40 to $1.50. In May, the company had cut its full-year outlook forecast to between $1.40 and $1.60 per share, from $1.50 to $1.70 per share previously.
(This version CORRECTS Corrects that company cut its earnings outlook to a range of $1.40 to $1.50, sted $1.40 to $1.60.) 