Fourth Quarter Fiscal 2013 Highlights:
-Asian revenues increased 19% in U.S. dollars and 14% in constant dollars
-North American Retail revenues increased 2%; retail comp sales declined 6.3%
- European revenues increased 3% in U.S. dollars and local currency
-Operating earnings decreased 12%; operating margin declined 280 basis points to 15%
Fiscal Year 2013 Highlights:
-Global revenues down 1% at $2.7 billion in U.S. dollars; increased 2% in constant dollars
- Asian revenues increased 16% in both U.S. dollars and constant dollars
- European revenues decreased 7% in U.S. dollars; flat in local currency
- North American Retail revenues flat at $1.1 billion; retail comp sales declined 6.6%
- Adjusted operating earnings decreased 34%; GAAP operating earnings decreased 31%
- Invested $140 million to repurchase 5 million shares and paid special dividend of $1.20 per share
Fourth Quarter Fiscal 2013 Results
For the fourth quarter of fiscal 2013, the Company generated adjusted net earnings of $81.4 million, a 15.1% decrease compared to net earnings of $95.9 million for the fourth quarter of fiscal 2012. Adjusted diluted earnings per share decreased 9.5%, to $0.95, compared to diluted earnings per share of $1.05 for the prior-year quarter.
The adjusted net earnings exclude a charge of $12.8 million related to the resolution of a tax audit dispute in Italy, partially offset by unrelated tax benefits of $4.0 million. On a GAAP basis, fourth quarter fiscal 2013 net earnings were $72.6 million and diluted earnings per share totaled $0.85, including an unfavorable $0.10 impact from the net tax settlement charge.
Total net revenue for the fourth quarter of fiscal 2013 increased 5.1% to $815.1 million, from $775.8 million in the prior-year quarter. In constant dollars, total net revenue increased 4.2%. In addition, the Company's fourth quarter fiscal year 2013 results included 14 weeks, while the fourth quarter of fiscal 2012 results included 13 weeks.
The Company's retail stores in North America generated revenue of $350.0 million in the fourth quarter of fiscal 2013, a 1.9% increase from $343.5 million in the same period a year ago. Comparable store sales for the fourth quarter of fiscal year 2013 decreased 6.3% in U.S. dollars and 7.0% in local currency compared to the same period a year ago. The Company directly operated 512 retail stores in the United States and Canada at the end of the fourth quarter of fiscal 2013 versus 504 stores a year earlier.
Net revenue from the Company's Europe segment increased 3.2% to $300.3 million in the fourth quarter of fiscal 2013, compared to $290.8 million in the prior-year period. In local currency, net revenue increased 3.3%.
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