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LIZ CLAIBORNE, INC. REPORTS RESULTS

 LIZ CLAIBORNE, INC. REPORTS RESULTS
 NEW YORK, July 20 /PRNewswire/ -- Samuel M. Miller, senior vice


president-finance of Liz Claiborne, Inc. (NYSE: LIZ), today announced record sales and earnings for the three and six months ended June 27, 1992. Net sales for the second quarter increased 13.6 percent to $472,616,000 from $416,028,000 for the same quarter last year. Earnings of $39,505,000 reflect a 0.1% increase from $39,464,000 in the same prior year period. Earnings of $0.47 per share reflect a 2.2 percent increase over last year's second quarter earnings of $0.46 per share. Net sales for the six months of $1,029,525,000 increased 12.1 percent over last year's six months' sales of $918,096,000. Earnings of $102,345,000 increased 1.9 percent from $100,493,000 for the prior year's same period. Earnings of $1.21 per share reflect a 2.5 percent increase over last year's six months' earnings of $1.18 per share.
 Miller commented, "Management is gratified to be able to report record sales and earnings, notwithstanding the continuing sluggish retail environment. Because of spotty consumer demand and the initial start-up costs of our new Russ Togs Division, the company now believes that any increases in earnings per share for the 1992 year are likely to be only marginal".
 Miller also announced today that the board of directors had again extended the company's previously announced program to purchase its common stock by authorizing the purchase, from time to time and as market and business conditions warrant, of up to an additional $50 million of its common stock for cash in open market purchases and privately negotiated transactions, bringing the total authorization under the program up to $250 million. As of July 17, 1992, the company had purchased approximately 6.2 million shares of common stock at an aggregate purchase price of approximately $184 million. Based on the last reported sales price of the company's shares on Friday, July 17, 1992 of $36.125 per share, the newly authorized $50 million would involve approximately 1.4 million additional shares. The company has approximately 83.6 million shares outstanding. Shares acquired will be available for use under the company's employee stock option plans and for other general corporate purposes. No time limit was set for the completion of the program. Miller added, "We continue to believe that deploying a portion of the company's available cash in this manner increases the overall return to our shareholders, without adversely impacting our ability to take advantage of business opportunities which may present themselves, or our capital spending.
 In addition, Miller announced that the board of directors had declared a regular cash dividend on the company's common stock at the rate of $0.10 per share to be paid on Sept. 3, 1992 to stockholders of record at the close of business on Aug. 10, 1992. The declaration of any future dividends will be subject to the company's earnings, financial position, capital requirements and other relevant factors.
 LIZ CLAIBORNE, INC. AND SUBSIDIARIES
 Consolidated Statements of Income
 (dollars in thousands except per share data -- unaudited)
 Periods ended Three months Six months
 6/27/92 6/29/92 6/27/92 6/29/91
 Net sales $472,616 $416,028 $1,029,525 $918,096
 Cost of sales 290,858 249,034 630,512 549,348
 Gross profit 181,758 166,994 399,013 368,748
 S,G&A expenses 125,249 110,174 249,941 220,678
 Operating income 56,509 56,820 149,072 148,070
 Investment & other
 income, net 5,196 5,844 10,773 11,523
 Inc. bef. provision
 for income taxes 61,705 62,664 159,845 159,593
 Provision for
 inc. taxes 22,200 23,200 57,500 59,100
 Net income $ 39,505 $ 39,464 $ 102,345 $100,493
 Wtd. avg. common
 shares outstg. 84,652,815 85,470,503 84,917,504 85,310,180
 Earnings per
 common share $0.47 $0.46 $1.21 $1.18
 Divs. per common share
 (rounded to the
 nearest penny) $0.10 $0.09 $0.19 $0.15
 -0- 7/20/92
 /CONTACT: Samuel M. Miller, senior vice president-finance of Liz Claiborne, Inc., 201-601-8500/
 (LIZ) CO: Liz Claiborne Inc. ST: New York IN: REA SU: ERN


SH -- NY007 -- 0567 07/20/92 08:38 EDT
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Date:Jul 20, 1992
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