Printer Friendly

LIZ CLAIBORNE REPORTS SALES AND EARNINGS

 NEW YORK, Feb. 16 /PRNewswire/ -- Mr. Samuel M. Miller, senior vice president - finance of Liz Claiborne, Inc. (NYSE: LIZ), today announced sales and earnings for the year and quarter ended Dec. 26, 1992.
 Net sales for the 12 months of 1992 increased 9.3 percent to $2,194,330,000 from $2,007,177,000 for the 1991 year. Earnings for the 1992 year decreased 1.8 percent to $218,824,000 from $222,748,000 for the prior year. Earnings of $2.61 per share equal the prior year's earnings of $2.61 per share. Net sales for the 1992 fourth quarter of $546,476,000 increased 3.0 percent over the net sales of $530,705,000 for the prior year period. Earnings of $51,958,000 decreased 8.1 percent from $56,524,000 for the prior year's comparable quarter. Earnings of $.63 per share reflect a 4.5 percent decrease over last year's comparable quarter of $.66 per share.
 Mr. Miller commented, "The 1992 year presented some difficult challenges for our company, as we confronted conservative buying by our retail customers and dealt with start-up investments in our new Divisions: Russ, The Villager and Crazy Horse. Due to these factors and lower than anticipated bookings and margin erosion within certain divisions, as well as the timing of certain shipments to customers, we currently believe that our 1993 first quarter earnings are likely to be in the range of 30 percent lower than those for our record 1992 first quarter. We also currently expect these circumstances to negatively impact earnings through the second quarter although to a lesser extent. Recent more favorable business trends and improving results in several of our divisions are expected to enable us to resume our growth during the second half of the year".
 Mr. 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 authorizations under the program up to $300 million. As of Feb. 12, 1993, the company had purchased approximately 7.65 million shares of common stock at an aggregated purchase price of approximately $239 million. Based on the last reported sales price of the company's shares on Friday, Feb. 12, 1993 of $40.125 per share, the newly authorized $50 million would involve approximately 1.25 million additional shares. The company has approximately 82.7 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. Mr. 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.
 LIZ CLAIBORNE, INC. AND SUBSIDIARIES
 Consolidated Statements of Income
 (Dollars in Thousands except per Share Data)
 Periods ended Twelve months Three months
 (Unaudited)
 12/26/92 12/28/91 12/26/92 12/28/91
 Net Sales $2,194,330 $2,007,177 $546,476 $530,705
 Cost of Sales 1,364,214 1,207,502 344,590 321,511
 Gross Profit 830,116 799,675 201,886 209,194
 S,G&A Expenses 507,541 471,060 124,433 126,303
 Operating Income 322,575 328,615 77,453 82,891
 Investment and Other
 Income, Net 19,349 22,133 3,905 5,633
 Inc. bef. Provision
 for Income Taxes 341,924 350,748 81,358 88,524
 Provision for Inc.
 Taxes 123,100 128,000 29,400 32,000
 Net Income $ 218,824 $ 222,748 $ 51,958 $ 56,524
 Wtd. Avg. Common
 Shares Outstanding 83,965,342 85,457,204 82,621,760 85,549,112
 Earnings per
 Common Share $2.61 $2.61 $0.63 $0.66
 Dividends per Common Share
 (Rounded to the
 nearest penny) $0.39 $0.33 $0.10 $0.09
 -0- 2/16/93
 /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 -- NY023 -- 6711 02/16/93 08:40 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 16, 1993
Words:741
Previous Article:THERAGENICS ANNOUNCES 1992 RESULTS; SALES INCREASE 58 PERCENT AND PROFITS DOUBLE; 1993 FORECAST SHOWS PROFITS UP 167 PERCENT
Next Article:SECONDARY OFFERING OF COMMON STOCK BY VARLEN STOCKHOLDERS
Topics:


Related Articles
LIZ CLAIBORNE, INC. REPORTS RESULTS
LIZ CLAIBORNE REPORTS RESULTS
LIZ CLAIBORNE, INC., ANNOUNCES SALES AND EARNINGS
LIZ CLAIBORNE ANNOUNCES SECOND QUARTER 1994 RESULTS
LIZ CLAIBORNE ANNOUNCES THIRD QUARTER 1994 RESULTS
LIZ CLAIBORNE ANNOUNCES SECOND QUARTER RESULTS
LIZ CLAIBORNE ANNOUNCES THIRD QUARTER RESULTS
Liz Claiborne Announces Record Fourth Quarter and Annual 1998 Results.
Liz Claiborne Announces First Quarter 1999 Results.
Liz Claiborne Announces Second Quarter 1999 Results.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters