US: Liz Claiborne slumps to US$91m Q3 loss
- Q3 loss up 32% to US$91m
- Sales down 24.2% to $770m
- “Significant improvement” in Q4 comps to date
Liz Claiborne saw its third quarter loss hit US$91m, 32% up on last year, as comparable store sales continued to fall across the apparel group.
Net sales in the quarter slumped 24.2% to $770m, and the company recorded an adjusted operating loss of $33m, compared to a profit of $62m last year.
Liz Claiborne's Direct Brands segment posted net sales of $270m, down 4.8%.
Juicy Couture and Lucky Brand recorded comparable store sales falls of 13% and 16% respectively, while Kate Spade showed an 18% uptick in sales and a comps fall of only 3%.
For the nine-month period, sales fell 27.4% to $2.333bn, and the company recorded a net loss of $251m, compared to a loss of $31m last year.
CEO William L McComb said the results reflected "early signs" of a turnaround for Liz Claiborne's under-performing businesses.
And he added: "Fourth quarter to date, we are posting significantly improved comp store sales results compared to the year to date trend, as we have seen solid execution overall on the merchandising initiatives we outlined on our August call."
Click here for editorial insight into Liz Claiborne's results.
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