Clothing group Liz Claiborne Inc has announced diluted earnings per share ('EPS') of $0.45 for the first quarter 2006 compared to diluted EPS of $0.65 for the first quarter 2005.
The net sales for the first quarter 2006 were $1.171 billion, down 3.4 percent from the comparable 2005 period. Adjusted diluted EPS for the first quarter 2006 were $0.62, compared to adjusted diluted EPS of $0.65 for the first quarter 2005, a 4.6 percent decrease.
Paul Charron, Chairman and CEO, stated: "We performed on plan in the first quarter, despite continuing to operate in a conservative retail environment impacted by ongoing consolidation pressures and macroeconomic challenges. We are facing the challenges of today's market head-on by taking costs out of the business, streamlining our operations for maximum efficiency and flexibility, and investing in our highest growth-potential brands. We are pleased with our progress to date."
Charron continued, "Supported by our new, more streamlined structure, we are taking steps to better leverage our diverse and high-quality brand portfolio by focusing our investment dollars toward our "power brands," such as Juicy Couture, Lucky Brand, Sigrid Olsen, and Mexx. We are placing a particular focus on retail door count increases, brand extensions and international expansion. We also remain committed to growth via acquisitions, and -- with our strong balance sheet and cash flow -- are well positioned to take advantage of strategic opportunities as they arise."
marketing@alchempro.com
