Second Quarter Fiscal 2013 Results
For the second quarter of fiscal 2013, the Company generated net earnings of $42.9 million, a 45.2% decrease compared to adjusted net earnings of $78.3 million for the second quarter of fiscal 2012.
The prior-year adjusted net earnings excludes a settlement charge of $19.5 million ($17.6 million net of the related tax impact) associated with the settlement of the Company's relationship with one of its former European service providers.
Diluted earnings per share decreased 41.7%, to $0.49, compared to adjusted diluted earnings per share of $0.84 for the prior-year quarter. On a GAAP basis, second quarter fiscal 2013 net earnings decreased 29.3% and diluted earnings per share decreased 24.6%.
Paul Marciano, Chief Executive Officer, commented, "The second quarter was both rewarding and challenging for us. While store traffic remained down in North America, our strategy to elevate our women's business appears to be working. We are now focused on driving improvements in accessories, which has become increasingly competitive, and are also developing plans to refine our North American strategy where necessary to remain competitive.
“Our European business remained stable, as we grew in newer markets in the north and east, while economic conditions continued to affect consumers, particularly in the south. We also posted solid double digit growth in Asia and China has continued to exceed our expectations."
Mr. Marciano continued, "We are committed to developing the long-term global potential of the Guess? brand. We will continue to manage our business prudently, focusing carefully on those things that are within our direct control.
“While our initiatives may take longer than we had expected and the market place remains uncertain, we will continue to focus on providing a great customer experience and innovative products supported by our new and targeted marketing efforts. With our strong financial position and cash generation power, our goal is to continue to deliver balanced returns to our shareholders – through growth of newer markets and concepts as well as through our dividend and share repurchase programs."
Total net revenue for the second quarter of fiscal 2013 decreased 6.2% to $635.4 million, from $677.2 million in the prior-year quarter. In constant dollars, total net revenue increased 0.4%.
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