For the third quarter of 2005, we are providing our initial guidance, forecasting a net sales increase of 4 - 5 percent, an operating margin in the range of 13.6 - 13.9 percent and EPS in the range of $1.06 - $1.09, including the impact, which we estimate will be approximately $0.05, resulting from the early adoption of FASB 123R ("Accounting for Share-Based Payment") and the shift in the composition of the Company's 2005 equity-based management compensation discussed above. They do not expect foreign currency exchange rates in their international businesses to have a material impact on third quarter 2005 results.
Liz Claiborne Inc was founded in 1976 by original partners Liz Claiborne, Art Ortenberg, Leonard Boxer and Jerome Chazen. The company designs and markets an extensive range of women's and men's fashion apparel and accessories appropriate to wearing occasions ranging from casual to dressy. The Company also markets fragrances for women and men.
In addition, Liz Claiborne Inc holds the exclusive, long-term license to produce and sell men's and women's collections of DKNY Jeans and DKNY Active, as well as CITY DKNY better women's sportswear in the Western Hemisphere. The Company also has the exclusive license to produce jewelry under the Kenneth Cole New York and Reaction Kenneth Cole brand names.
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