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August 01, 2007
Claiborne's Q2 Earnings Tumble 65 Percent
Liz Claiborne’s second quarter earnings plummeted 65 percent due to a slowdown in sales of many of its “partnered brands,” which the company is preparing to sell. The partnered brands include Ellen Tracy, Sigrid Olsen and Laundry By Design.
The company’s direct brands, such as Juicy Couture, Kate Spade and Lucky Brand jeans fared much better, with a sales increase of 25.5 percent for the quarter.
Claiborne’s total sales for the quarter ended June 30 came in at $1.13 billion, up 0.5 percent from a year ago. Net income fell to $13.6 million, compared to $39.4 million last year.
Posted by Blacks on August 1, 2007 09:20 AM
