The company then goes through four paragraphs before dropping the news that Executive VP and CFO Andrew Warren is leaving the company. The reason cited is “by mutual agreement to pursue an opportunity in the media industry. The effective date of the resignation is at least not immediate: effective March 16th. The god news is that if this was a troubled resignation you would be seeing more uncertainty.
The Company has initiated a search for Mr. Warren`s replacement. Warren noted, “Today, this Company is on strong footing with the right portfolio, the right team, and the right capital structure. I intend to remain a long-term shareholder of the stock and will be rooting for the team as a former colleague and as an investor.”
As for the quarter looking back, it noted that comparable sales were very strong at both Kate Spade and Lucky Brand in November and December, while Juicy was generally in-line with expectations and that it sees year-end inventory position that is below plan “particularly at Juicy Couture.”
Pro-forma adjusted EBITDA ex-Forex is expected to be in the low-end of the previously guided range of $80 to $90 million for fiscal 2011.
The Company anticipates that its name change to Fifth & Pacific Companies, Inc. and trading under its new stock symbol (NYSE: FNP) will become effective on or about May 15, 2012.
Liz Claiborne shares closed up 3.3% today at $9.93 after a prior 52-week range of $4.02 to $9.73. The after-hours reaction has shares down almost 12% around $8.75.
JON C. OGG
Top Gaining Stocks
Top Losing Stocks