Liz CEO: Juicy Couture’s 2012 Inflection Point
Liz Claiborne Inc. LIZ +3.65% Chief Executive William McComb, in his first speech since the company slashed its profit forecast on late Monday, said the cut didn’t imply changes in Liz’s growth outlook for its flagship brands: Kate Spade, Lucky Brand and Juicy Couture.
He sees Kate Spade’s same-store sales to rise in the low-teens percentage and sees a 10% plus gain for Lucky Brand. For Juicy Couture, he sees the brand as the “single biggest inflection point” in 2012.
He forecast same-store sales to rise in the mid-single digit percentage at Juicy Couture following at least one year of decline.
“I want to continue to be cautious and conservative in modeling,” McComb said at the ICR XChange investor conference in Miami. “There’s no change in our assumption about the momentum.”
Liz Claiborne shares rose 3.5% after a 13% drop on Tuesday.