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current news

Liz Claiborne 1q Sales Drop 12.2%

(Filed Under Financial and General Interest News). Liz Claiborne Inc. cited a 12.2 percent decrease during the first quarter ended April 2; to $513 million.

The company attributed most of this loss to the $58 million net sales decrease from brands that have been licensed or exited under agreements with JCPenney and QVC. The partnered brands segment—which encompasses the Liz Claiborne family of brands, the Monet family of brands and the Axcess, Dana Buchman, Kensie, Mac & Jac and licensed DKNY brands—cited a net sale loss of 43.7 percent.

Domestic-based direct brand sales, consisting of Juicy Couture, Kate Spade and Lucky Brands operations, increased 6.2 percent to $258 million.

By division, Kate Spade net sales jumped 71.7 percent, driven by increases in e-commerce, specialty retail, wholesale non-apparel, outlet and wholesale apparel. Juicy Couture net sales increased 1.2 percent, primarily driven by decreases in wholesale apparel and specialty retail and partially offset by an increase in outlet and e-commerce. Lucky Brand sales dropped 8.9 percent, primarily driven by decreases in all operations except for e-commerce, which increased.

International-based direct brand sales decreased 8.9 percent to $165 million, primarily impacted by retail and wholesale decreases in Mexx Euope and partially offset by increases in Mexx Canada.

Gross profit as a percentage of net sales was 52.4 percent compared to 46.4 percent in the comparable 2010 period, reflecting an improved gross profit rate in the company’s partnered brands segment due to the transition to the licensing model.

more Financial and General Interest News >>

Published 05-03-2011 by Amanda Torres Price

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