Struggling retail giant Liz Claiborne (NYSE: LIZ) has hired turnaround consultant Alvarez & Marsal to help it cut costs and stem losses at the insistence of its creditors.

"We told [the lenders] that we've been doing everything we can to manage receivables and control inventory," Liz CEO Bill McComb said in an interview with The New York Post. "In the spirit of that, we said we would hire a consultant."

Here are some highlights from last week's earnings coverage from BloggingStocks:

• Applied Materials Inc. (NASDAQ: AMAT) posted better-than-expected Q3 results, sending shares higher.
• AutoDesk Inc. (NASDAQ: ADSK) reported better-than-expected Q2 earnings, sending shares higher.
• Blockbuster Inc. (NYSE: BBI) had another disappointing quarter as same-store sales declined.
• CIT Group Inc. (NYSE: CIT) delayed its Q3 report due to ongoing debt restructuring and a possible bankruptcy.
• Dr Pepper Snapple Group Inc. (NYSE: DPS) Q2 earnings came in well ahead of Wall Street expectations.

Here are some highlights from this past week's earnings coverage from BloggingStocks:

• Adobe Systems Inc. (NASDAQ: ADBE) Q2 earnings were in line with expectations but sales beat.
• Best Buy Inc. (NYSE: BBY) beat earnings estimates for Q1, but on horrible metrics, sending shares lower.
• Carnival Corp. (NYSE: CCL) lower Q2 earnings beat expectations and previous guidance, boosting shares.
• CarMax Inc. (NYSE: KMX) Q1 profit and sales dropped, but still beat expectations, sending shares higher.
• Discover Financial Services (NYSE: DFS) posted a smaller-than-expected Q2 net loss and shares rose.

Here are some highlights from this past week's earnings coverage from BloggingStocks:

• Abercrombie & Fitch Co. (NYSE: ANF) reported dismal Q1 numbers as same-store sales plunged.
• Applied Materials Inc. (NASDAQ: AMAT) dismal Q2 results were in line with analysts' expectations.
• Bankrate Inc. (NASDAQ: RATE) reported lower earnings and revenue for Q1 and offered no guidance.
• Blockbuster Inc. (NYSE: BBI) earnings, revenue, and same-store sales all fell in the first quarter.
• Dr Pepper Snapple Group (NYSE: DPS) Q1 earnings declined but still topped analysts' expectations.

Struggling clothier Liz Claiborne, Inc. (NYSE: LIZ) stepped into the earnings spotlight early this morning, and the stock is down sharply as investors react to a wider-than-forecast quarterly loss.

LIZ confessed to a first-quarter adjusted loss of 37 cents per share, or 97 cents per share on a GAAP basis. Analysts were expecting a much narrower loss of 22 cents per share. Sales for the period slipped nearly 29% to $779.7 million, falling well short of Wall Street's consensus estimate for revenue of $880.8 million.

Ann Taylor (NYSE: ANN) is not the darling of Wall Street today. As I write this, the retailer's shares have lost 30% of their value. Trading volume is heavy. The company missed Wall Street's estimates by a pretty wide margin.

The call, was for an adjusted loss of $0.55 per share in the fourth quarter. According to the press release, Ann Taylor lost $1.03 per share on an adjusted basis. Last year at this time, there was a profit of $0.19 per share. What a difference a year makes. By the way, if you include all the GAAP stuff in the current Q4, Ann Taylor lost an amount equal to the mark of the beast. I don't even want to write the evil number out, but it begins with a 6 if you want a hint.

While the release of economic data doesn't stop next week (see economic schedule highlights below), the earnings season does wind down dramatically. Most of the S&P 500 companies already have reported on the past quarter, which means dismal earnings news is largely behind us, at least for a while. About the only companies of note expected by analysts surveyed by Thomson Reuters to report falling earnings this week are Costco Wholesale Corp. (NASDAQ: COST), Wendy's/Arby's Group Inc. (NYSE: WEN), Foot Locker Inc. (NYSE: FL), Bank of Montreal (NYSE: BMO), and Steinway Musical Instruments Inc. (NYSE: LVB).

While PetSmart Inc. (NASDAQ: PETM) and Big Lots Inc. (NYSE: BIG) quarterly profits are expected to be about the same as a year ago, Liz Claiborne Inc. (NYSE: LIZ), Kenneth Cole Productions Inc. (NYSE: KCP), Ciena Corp. (NASDAQ: CIEN), and Trina Solar Ltd. (NYSE: TSL) are expected to have swung to losses in the most recent quarter.

The parade of layoffs continues with Liz Claiborne (NYSE: LIZ) announcing that it will cut 725 workers -- 8% of its US workforce.

CEO William L. McComb noted in a press release that "The challenging retail and economic environment requires us to remain more focused than ever on cost rationalization and act decisively to manage the relationship between our revenue and our SG&A."

The company's performance has been absolutely brutal of late, and the stock price has followed. But the company will be debuting its new collection designed by Isaac Mizrahi this month, and the buzz appears to be quite good.

Liz Claiborne sold has sold off a lot of brands over the past two years -- a wise move given that the value of those assets has likely plunged in the interim. Turning around the company will be impossible without an economic recovery but by cutting costs, ditching lesser brands, and hiring a star to revitalize a legendary brand that has lacked life for years, Liz Claiborne could be poised for a comeback.

With CEOs catching flack for flying in private planes, many are taking it down a notch and flying first class.

Liz Claiborne (NYSE: LIZ) CEO William L. McComb takes it a step further. According (subscription required) to The Wall Street Journal, "The boyish-looking executive, who turned 46 Monday, flies nearly 200,000 miles a year, all of them on commercial flights, almost always in coach."

Mr. McComb deserves credit for cutting costs and sacrificing his own comfort and convenience, and the company's PR people deserve credit for spinning it into a puff piece in the nation's leading business newspaper. Coach class or no, the stock is still down 90% over the past year.

Still, Mr. McComb appears committed to cutting costs wherever possible to keep the company afloat while it sheds brands to strengthen its balance sheet and waits for the economy to rebound. If it can make it through this mess, strong brands like Lucky Brand Jeans and Juicy Couture could lead shareholders to impressive returns.

Update Nov. 26, 2008: See all 2008 Black Friday deals.

This week, some apparel and accessory producers and retailers offer a look at how they've been doing between early summer's economic stimulus spending and the coming holiday season. While Polo Ralph Lauren Corp. (NYSE: RL) reported higher earnings last week, Coldwater Creek Inc. (NASDAQ: CWTR), Eddie Bauer Holdings Inc. (NASDAQ: EBHI), Kenneth Cole Productions Inc. (NYSE: KCP), and K-Swiss Inc. (NASDAQ: KSWS) all reported net losses as consumers pulled back on spending over the summer due to higher fuel prices and other economic worries. The expectations of analysts surveyed by Thomson Financial for such companies scheduled to report this week don't look much different; i.e., a bright spot or two among lower expectations overall.

Hip retailer Urban Outfitters Inc. (NASDAQ: URBN) is expected to post earnings 22.9% higher than a year ago, to $0.35 per share, on revenue of $475.9 million (+26.4%). The Philadelphia-based company already said that same-store sales in the quarter were 10% higher. Urban Outfitters has beat expectations in recent quarters, by 11.5% in the previous quarter, and analysts on average recommend buying URBN. Shares fell to a 52-week low of $16.61 per share on Friday, and are down 29.5% from a year ago. Other companies expected to report more modest earnings growth in the coming week include watch and accessory maker Fossil Inc. (NASDAQ: FOSL), retail giant Wal-Mart Stores Inc. (NYSE: WMT), and TJX Companies Inc. (NYSE: TJX), parent of such discount retail chains as T.J. Maxx and Marshalls. These three companies have tended to top analysts estimates in recent quarters, and Fossil and TJX ended the week near their 52-week lows.

While Los Angeles-based American Apparel Inc. (AMEX: APP) had a strong second quarter, the casual wear maker is expected to report $0.13 per share earnings for the third quarter, the same as in the year-ago period. And analysts anticipate that Kohl's Corp. (NYSE: KSS) will report that profits fell 16.4% to $0.51 per share on revenue of $3.9 billion (+1.9%). Though same-store sales for October fell 9%, the Menomonee Falls, Wis.-based company reaffirmed its third-quarter forecast. Kohl's has offered positive surprises in recent quarters, topping estimates by 5.6% in the previous quarter. The consensus recommendation remains to buy KSS. Shares have been climbing after reaching a 52-week low in late October, but are still down 32.8% from a year ago.

Liz Claiborne (NYSE: LIZ - option chain) shares are dropping today after the company got a slate of bad news. First, S&P downgraded the stock today and cut its price target by 47%. Also, September retail sales came in way lower than expected, which is driving retail stocks lower today. Lastly, competitor Jones Apparel Group (NYSE: JNY) lowered its EPS guidance and is off by more than 20% today. If you think this stock won't be rising too far in the coming months, then it could be a good time to look at a bearish hedged play on LIZ.

This morning, LIZ opened at $11.06. So far today the stock has hit a low of $9.99 and a high of $11.15. As of 12:40, LIZ is trading at $10.59, down $1.17 (-10.0%). The chart for LIZ looks bearish and S&P gives LIZ a 2 STARS (out of 5) sell ranking.

For a bearish hedged play on this stock, I would consider a January bear-call credit spread above the $15 range.

AnnTaylor (NYSE: ANN), whose colleagues include Liz Claiborne (NYSE: LIZ) and Talbots (NYSE: TLB), reported Q2 earnings stats that beat the views of Wall Street. The retailer said it made $0.54 per share in the second quarter versus $0.51 per share earned in the similar period a year ago. These bottom-line results are on an adjusted basis. According to Reuters, analysts were looking for about $0.49 per share. So that's a nice $0.05 beat.

The bottom line may have surprised analysts, but other parts of the story didn't excite me. The top line decreased by almost 4%. Same-store sales took a big dive, declining pretty near 11%. Comps are an important metric for retailers, and a significant decrease like this one always makes investors cautious. Management cited low traffic levels as a driver of the dismal comps. Seems to me like someone at the chain needs to rethink the current marketing campaigns. The gross margin did improve, though, so at least there's that.

After reading through the earnings release, it became quite apparent to me that management is clearly worried about the economy going forward. They're right, I think the rest of the year may indeed be rough on the consumer. With such weak stats, I think it would be hard to make a case for buying AnnTaylor's stock. If you're a contrarian and think the company will consistently beat earnings from this point on, and you turn out to be right, then buying the stock now might make for a good trade. But I'd have to hear good reasons for such a bullish case. I think it's entirely possible that AnnTaylor's shares trend lower from here. No matter what, I won't be putting this retailer on my personal watch list. My advice to the company: get traffic through the door with more innovative promotional schemes.

Disclosure: I don't own any company mentioned; positions can change at any time.

I've been expressing my long-term bullishness on Liz Claiborne, Inc. (NYSE: LIZ) since the company announced that Isaac Mizrahi would be taking over as creative director for its flagship brand. The stock is down a little since that announcement back in January, but with the re-launch under Mizrahi's direction scheduled to hit stores in February, investors could start bearing the fruits of that deal soon.

A piece (subscription required) in yesterday's Wall Street Journal looked at Mizrahi and his plans for the Liz Claiborne brand, which has seen its sales decline by about 50% so far this decade: "The collection includes modern styles like cork-covered high heels and oversize tote bags in soft neutrals, metallics and bright colors, according to two people who were there. The designs also incorporate an updated Liz Claiborne logo."

Goldman Sachs analyst Benjamin Rowbotham called the relaunch "the single most important issue" for the company, and Liz Claiborne has reportedly given Mizrahi a rare level of creative freedom in reviving its brand.

Liz Claiborne has struggled of late, even more so than the industry at large, but remember: Mizrahi made Target Corporation (NYSE: TGT) a cool place to shop for clothes. With the stock trading in the bargain basement, Mizrahi's new collection offers savvy investors tremendous upside potential.

Here are some highlights from this past week's earnings coverage from BloggingStocks:

• Albany Molecular Research Inc. (NASDAQ: AMRI) topped estimates and raised its full-year guidance.
• Applied Materials Inc. (NASDAQ: AMAT) Q3 earnings and revenues tumbled but beat low expectations.
• Deere & Co. (NYSE: DE) fell short of Q3 earnings expectations due to rising materials costs.
• Estee Lauder Cos. Inc. (NYSE: EL) posted strong Q4 results that led shares to a new 52-week high.
• Fossil Inc. (NASDAQ: FOSL) posted better-than-expected Q2 earnings and lifted its full-year forecast.
• JCPenney Co. Inc. (NYSE: JCP) Q2 profit slipped but still topped analysts' expectations.
• LDK Solar Ltd. (NYSE: LDK) Q2 net income soared, easily beating analysts' estimates.
• Liz Claiborne Inc. (NYSE: LIZ) rebounded from its tumble after its disappointing Q2 report.
• MBIA Inc. (NYSE: MBI) posted strong Q2 results despite downgrades of its financial ratings.
• Newcastle Investments Corp. (NYSE: NCT) despite negative earnings, it announced a quarterly dividend.
• Nvidia Corp. (NASDAQ: NVDA) posted dismal Q2 results and announced a share buyback program.
• Sysco Corp. (NYSE: SYY) Q4 earnings topped expectaitons on demand for bulk food products.
• TJX Cos. (NYSE: TJX) strong Q2 results fell short of expectations, as did the Q3 earnings forecast.
• Wal-Mart Stores Inc. (NYSE: WMT) topped Q2 estimates due to bargain seekers and international sales.

Also, Jim Cramer warns against bearishness on the financials and also suggests that the collapse of commodities will buoy earings.

For more highlights from this week, see: Abercrombie, Macy's, Kohl's, Sirius, UBS, Wachovia and others

Upcoming quarterly reports include Lowe's (NYSE: LOW), Home Depot (NYSE: HD), Hewlett-Packard (NYSE: HPQ), Target (NYSE: TGT), La-Z-Boy (NYSE: LZB), Saks (NYSE: SKS), BJ's Wholesale (NYSE: BJ), Limited Brands (NYSE: LTD), Barnes & Noble (NYSE: BKS), Burger King (NYSE: BKC), Gap (NYSE: GPS), Heinz (NYSE: HNZ), and Intuit (NASDAQ: INTU).

Visit AOL Money & Finance for more earnings coverage.

Even with the stimulus checks, retail sales numbers for June and July have been nothing to cheer about. And this coming week should provide another look at how things have been shaping up in the apparel and accessories arena. A number of companies are scheduled to release quarterly numbers, from upscale retailer Nordstrom to the parent of discounter TJ Maxx, from hipster Urban Outfitters to global giant Wal-Mart. Here's a look at what Wall Street is anticipating.

Analysts surveyed by Thomson Financial expect the following to report strong earnings growth when compared to the same period of the previous year.

• Urban Outfitters Inc. (NASDAQ: URBN): $0.30 EPS (+36.7%) on revenue of $448.5 million (+28.7%)
• Estée Lauder Cos. Inc. (NYSE: EL): $0.56 EPS (+19.6%) on revenue of $1.9 billion (+9.4%)
• TJX Cos. Inc. (NYSE: TJX): $0.46 EPS (+17.4%) on revenue of $4.6 billion (+6.8%)
• Fossil Inc. (NASDAQ: FOSL): $0.25 EPS (+16%) on revenue of $346.8 million (+13.2%)
• Wal-Mart Stores Inc. (NYSE: WMT): $0.84 EPS (+14.3%) on revenue of $101.7 billion (+9.3%)
• Elizabeth Arden Inc. (NASDAQ: RDEN): $0.22 EPS (+9.1%) on revenue of $237.6 million (-2.1/%)
• Abercrombie & Fitch Co. (NYSE: ANF): $0.93 EPS (+5.4%) on revenue of $872 million (+8.4%)