EPS excluding the litigation settlement recorded in the second quarter of 2011 was $0.67. The Company projects full year 2012 EPS in the range of $1.50 to $1.60 per share.
"Sales and earnings were at the top end of our expectations for the second quarter," stated Maurice S. Reznik, Chief Executive Officer. "Gross margin improved 680 basis points since the first quarter of 2012, our inventory levels are down and we are poised for high single digit growth in sales and double digit growth in EPS in the second half.
“Continued weakness in Europe and a choppy domestic market are placing downward pressure on our outlook, however we continue to execute well against our strategies and we are excited about our upcoming new product launches and branding initiatives."
Financial Results for Second Quarter 2012 versus Second Quarter 2011
Net sales for the second quarter of 2012 decreased $12.5 million, or 7.4%, to $157.5 million. Wholesale segment net sales for the second quarter of 2012 decreased $12.4 million, or 8.1%, to $141.4 million. Retail segment net sales decreased $0.1 million, or 0.6%, to $16.1 million.
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