Liz Clairborne narrows loss
New York City -- Liz Claiborne narrowed its fourth-quarter loss as the company trimmed expenses. But it issued a lackluster outlook for its coming fiscal year.
The company said Thursday that it lost $30.1 million, compared with a loss of $41.7 million in the prior-year period.
Revenue dropped 7% to $703.7 million from $756.5 million, down mostly because of a transition in the licensing model under its J.C. Penney Co. and QVC deals.
Still, the results topped Wall Street's $684.6 million
Revenue for its Lucky Brand fell 15.8%, while Kate Spade climbed 44.8% and Juicy Couture rose 15.9%. The international-based direct brands division posted a 4.6% revenue decline.
For the year, Liz Claiborne lost $251.5 million, compared with a loss of $305.7 million in the prior year.
Annual revenue slipped 14% to $2.5 billion from $2.92 billion.