Jun 10, 2009
Liz Claiborne CEO sees stability
Jun 10, 2009
NEW YORK (Reuters) - Liz Claiborne Inc (LIZ.N) is seeing signs of stabilization in retail, its chief executive said on Wednesday 10 June, but reaffirmed his expectations for weak sales throughout most of the year.
Liz Claiborne Spring-Summer 2009
"I'm probably consistent with some other voices who would characterize the environment as now stable -- not a continuing decline -- but stable at a very different level than we saw a year ago," said Chief Executive William McComb at the Reuters Global Retail Summit in New York.
Regarding the company's forecast for same-store sales at its U.S. Lucky Brand, Juicy Couture and Kate Spade stores to fall 15 to 25 percent through the third quarter and then flattening in the fourth as comparisons ease, McComb said: "That point of view hasn't changed."
Liz Claiborne has seen a sharp drop-off in sales and profits as the recession slams the breaks on discretionary spending. It has taken actions such as cutting jobs, dialing back store expansion and offering more lower-priced goods.
(For summit blog: blogs.reuters.com/summits/)
(Reporting by Martinne Geller; Editing by Phil Berlowitz)
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