The Q4 numbers accounted for much of the company's 2008 net loss of $952 million, up from a full-year net loss of $373 million in 2007, according to financial statements. CEO William McComb notes in a statement that the Q4 operating environment was "extraordinarily difficult as consumer spending was further impacted by deteriorating economic conditions."

Comparable-store sales for the company's Juicy Couture, Lucky Brand and Kate Spade were each in the negative mid-teens while comps for Mexx, the international retail segment, were negative 12%. "The highly promotional retail environment also negatively impacted margins in both our retail and wholesale businesses," McComb says in a statement.

McComb says Liz Claiborne is not providing full-year 2009 earnings guidance due to "the lack of visibility caused by the highly uncertain environment." However, he adds that the company's '09 plan assumes that the retail environment for the year will be similar to that seen in Q4 '08. This would translate into comp-store declines in the 15% to 25% range for all brands through the third quarter of this year. The company predicts that its comps will flatten within Q4 '09. "We are planning working capital, marketing and other expenses assuming this retail trend," McComb says in a statement.