Liz Claiborne Inc announced diluted earnings per share ("EPS") of $0.16 for the first quarter 2007 compared to diluted EPS of $0.45 for the first quarter 2006. Net sales for the first quarter 2007 were $1.153 billion, a decrease of 1.6% from the comparable 2006 period.
Adjusted diluted EPS for the first quarter 2007 were $0.22 compared to adjusted diluted EPS of $0.60 for the first quarter 2006. These results are adjusted to exclude the impact of expenses resulting from the Company's previously announced plans to streamline its operations in 2007 and 2006, including the closing of underperforming and one-off domestic specialty retail concepts, and the redeployment of resources to more efficiently manage its multi-brand, multi-channel and multi-geography portfolio.
The Company believes that the adjusted results for the quarter in this release provide a more meaningful comparison of its operational and financial performance. The attached tables, captioned "Reconciliation of Non-GAAP Financial Information," provide a full reconciliation of actual results to the adjusted results.
The Company also announced initial adjusted earnings per share guidance for 2007 in the range of $1.90 - $2.05, which excludes the impact of expenses associated with its streamlining initiatives in the first quarter (which amounted to $0.06 per share), and also excludes additional streamlining and other expenses the Company expects to incur related to its strategic review and the potential impact of any acquisition or divestiture, or stock repurchases.
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