NEW YORK (
is surging after it narrowed its second-quarter loss on an adjusted basis and forecasts it will return to profitability by the end of the year.
During the quarter, the apparel maker, which owns brands like Kate Spade and Juicy Couture, lost $86.8 million, or 92 cents a share, compared with a loss of $82.1 million, or 87 cents, in the year-ago period.
But excluding restructuring costs and other one-time expenses, Liz Claiborne lost 19 cents a share, significantly smaller than the loss of 46 cents Wall Street predicted.
Revenue declined 16% to $569.8 million from $674.6 million.
Looking ahead, Liz Claiborne expects to return to profitability in its fourth quarter. The company has been in the red for nearly three years.
It plans to do this buy shuttering all 87 of its Liz Claiborne namesake outlet stores. Liz Claiborne also foresees a boost from its exclusive deal with
Shares of Liz Claiborne are spiking 13.2% to $5.67 in afternoon trading.
-- Reported by Jeanine Poggi in New York.
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