Liz Claiborne Soars On Q4 Results

Retailer Liz Claiborne

released its fiscal Q1 earnings results prior to the closing bell on Thursday. The company reported a net loss of $61 million or $0.60 per share, versus a loss of $96.35 million or $1.02 per share, in last year's first quarter. On an adjusted basis, which is comparable to analysts' consensus, the company reported a loss of $52 million or $0.51 per share, compared to a loss of $53 million or $0.56 per share, last year. This compared to analysts' consensus EPS estimates of ($0.14). Net sales in the quarter were down 4.1 percent to $317.15 million compared to $330.68 million in the year ago period. This easily exceeded analysts' consensus estimates of $307.34 million. During Thursday's trading session, LIZ shares have been soaring throughout the day on the back of the strong results. At last check, the stock had gained nearly 10% to $13.93.