In the fourteen-week fourth quarter of fiscal 2012, consolidated net sales rose 18% to $236.2 million compared to $199.7 million in the thirteen-week fourth quarter of fiscal 2011. Adjusted earnings per share for the quarter were $0.65 compared to $0.61 in the same period last year.
For the full year, GAAP earnings per share increased to $1.89 from $1.77 in the prior year. In the fourth quarter of fiscal 2012, GAAP earnings per share were $0.32 compared to $0.43 in the same period of the prior year. For reference, tables reconciling GAAP to adjusted measures are included at the end of this release.
"We are very pleased with the 2012 performance of our two largest brands, Tommy Bahama and Lilly Pulitzer," commented Thomas C. Chubb III, CEO and President. "We launched Tommy Bahama's international expansion in 2012 and we now operate nine stores in the Asia-Pacific region, including our newest in Yokohama, Japan.
"We believe this is an excellent long-term investment and the runway it creates for us is substantial. Tommy Bahama continues a store opening pace that will add approximately 12 stores on the domestic front and approximately four international stores in fiscal 2013. Our e-commerce business also continues to grow rapidly and, in conjunction with our retail stores, we are well on our way to creating a seamless omni-channel experience for our consumers."
Mr. Chubb continued, "Lilly Pulitzer also had a year of extraordinary growth as our brand continues to reach more and more customers. A measured pace of four to six new stores each year, a growing e-commerce business that now exceeds 20% of Lilly's sales and the potential for carefully executed product extensions demonstrate the significant growth potential for Lilly Pulitzer.
"Needless to say, Ben Sherman's operating results in fiscal 2012 were extremely disappointing. Missteps in the execution of our strategy coupled with a difficult consumer market in the UK and Europe have put pressures on both our top line and gross margins. We are taking specific actions to stabilize and improve this business, but the impact of these challenges is expected to continue into 2013, particularly in the first half.
Mr. Chubb concluded, "Notwithstanding the challenges with Ben Sherman, the overall picture for fiscal 2013 is bright. Tommy Bahama and Lilly Pulitzer each clearly demonstrate a powerful ability to drive our consolidated revenues and profitability. We expect our continued investment in their direct to consumer initiatives, including people, systems and infrastructure, to deliver long-term, sustainable growth for our shareholders in the years to come."
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