NEW YORK (AP) -- Liz Claiborne Inc.'s first-quarter loss narrowed as sales of its Kate Spade and Lucky Brands goods strengthened.
The clothing company, which plans to change its name to Fifth & Pacific Cos. now that it has sold the Liz Claiborne brand, lost $60.6 million, or 60 cents per share, in the period. That compares with a loss of $96.3 million, or $1.02 per share, a year ago.
Stripping out unrealized foreign currency losses and other items, Liz Claiborne's loss from continuing operations was 21 cents per share.
Analysts expected a loss of 13 cents per share, according to a FactSet poll.
Liz Claiborne announced its name-change plans in January, a move it said was fitting after it sold the Liz Claiborne and Monet brands to J.C. Penney Co. in November. The company now plans to concentrate on its Juicy Couture, Lucky Brand and Kate Spade labels.
Liz Claiborne's realized a first-quarter loss of $9 million related to operations it has sold, compared with a loss of $96 million in the same period last year.
For the three months that ended March 31, revenue declined 4 percent to $317.1 million from $330.7 million. But the performance topped Wall Street's estimate of $307.4 million.
Liz Claiborne's stock gained 34 cents, or 2.7 percent, to $13.02 in morning trading. Over the past year, shares have traded in a range of $4.02 to $15.39.
Both Kate Spade and Lucky Brands posted improved sales over the course of the quarter, while Juicy Couture sales fell.
The company reiterated its guidance for fiscal 2012 adjusted earnings of $125 million to $140 million.
