First Quarter Fiscal 2014 Highlights
- Asian revenues increased 10% in U.S. dollars and 8% in constant dollars
- North American Retail revenues decreased 5%; retail comp sales declined 9.8%
- European revenues decreased 13% in U.S. dollars and 12% in local currency
- Adjusted operating earnings decreased 65%; GAAP operating earnings decreased 71%
- Invested $22.1 million to repurchase 0.9 million of our common shares
First Quarter Fiscal 2014 Results
For the first quarter of fiscal 2014, the Company recorded adjusted net earnings of $11.7 million, a 56.1% decrease compared to net earnings of $26.6 million for the first quarter of fiscal 2013. Adjusted diluted earnings per share decreased 53.3%, to $0.14, compared to diluted earnings per share of $0.30 for the prior-year quarter.
The adjusted net earnings exclude restructuring charges of $2.3 million ($1.8 million net of taxes). On a GAAP basis, first quarter fiscal 2014 net earnings were $9.9 million and diluted earnings per share totaled $0.12, including an unfavorable $0.02 after-tax impact from the restructuring charges.
Paul Marciano, Chief Executive Officer, commented, "Despite the continued global economic challenges, we are pleased to deliver better than expected first quarter earnings. These earnings reflect the ongoing success within the Company to globally streamline and improve productivity.
"While we are encouraged by our start to fiscal 2014, the near term outlook for consumer spending remains soft and we are planning our business accordingly. Southern Europe continues to be our main concern going forward."
Total net revenue for the first quarter of fiscal 2014 decreased 5.2% to $548.9 million, from $579.3 million in the prior-year quarter. In constant dollars, total net revenue decreased 5.1%.
The Company's retail stores in North America generated revenue of $238.3 million in the first quarter of fiscal 2014, a 5.4% decrease from $251.8 million in the same period a year ago.
Comparable store sales for the first quarter of fiscal year 2014 decreased 9.8% in U.S. dollars and 9.3% in local currency compared to the same period a year ago. The Company directly operated 511 retail stores in the United States and Canada at the end of the first quarter of fiscal 2014 versus 503 stores a year earlier.
Net revenue from the Company's Europe segment decreased 12.9% to $165.4 million in the first quarter of fiscal 2014, compared to $189.8 million in the prior-year period. In local currency, net revenue decreased 12.4%.
Net revenue from the Company's Asia segment increased 9.7% to $71.1 million in the first quarter of fiscal 2014, from $64.8 million in the prior-year period. In constant dollars, net revenue increased 8.0%.
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