Liz Claiborne Inc announced diluted earnings per share (EPS) of $0.13 for the second quarter 2007 compared to diluted EPS of $0.38 for the second quarter 2006. Net sales for the second quarter 2007 were $1.131 billion, an increase of 0.5% from the comparable 2006 period.
Adjusted diluted EPS for the second quarter 2007 were $0.26 compared to adjusted diluted EPS of $0.45 for the second 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.
For the six months of 2007, diluted earnings per share were $0.29 compared to diluted EPS of $0.83 for the comparable 2006 period. Net sales for the six months of 2007 were $2.284 billion, a decrease of 0.5% from the comparable 2006 period.
Adjusted diluted EPS for the six months of 2007 were $0.48, compared to adjusted diluted EPS of $1.05 for the comparable 2006 period. 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.
The Company believes that the adjusted results for the quarter and six months of 2007 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.
William L. McComb, Chief Executive Officer of Liz Claiborne Inc, said: "Our second quarter financial results were slightly above our pre-announced range. Our Direct Brands segment delivered strong growth during the second quarter, which we believe is a trend that will continue as we have committed the resources and marketing investment to support these brands."
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