Shares of Liz Claiborne Inc. (LIZ) have slipped nearly 3% after posting a wider-than-expected second-quarter loss.

The retailer reported an adjusted loss of 48 cents per share, compared to the Zacks Consensus Estimate for a loss of 39 cents.

Sales dropped 29% to $684 million as same-store sales declined 17%.

The company said same-store sales fell 17% at Juicy Couture, 23% at Lucky Brand, 15% at Kate Spade and 12% at Mexx.

Liz Claiborne plans to reduce costs by an additional $100 million by further streamlining activities.

Meanwhile, the Zacks Consensus Estimate, derived from 8 covering analysts, is pegged at a loss of 62 cents per share, which has widened by 12 cents over the past 2 months.

LIZ, a Zacks #4 Rank (“Sell”) stock, is trading on heavier-than-usual volume of about 5.9 million, against the average daily volume of approximately 3.0 million.

“LIZ” Free Stock Analysis: Buy? Sell? Hold?
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