Second Quarter Fiscal 2014 Results
For the second quarter of fiscal 2014, the Company recorded adjusted net earnings of $44.3 million, a 3.3% increase compared to net earnings of $42.9 million for the second quarter of fiscal 2013.
Adjusted diluted earnings per share increased 6.1%, to $0.52, compared to diluted earnings per share of $0.49 for the prior-year quarter. The adjusted net earnings exclude restructuring charges of $6.1 million ($4.4 million net of taxes). On a GAAP basis, second quarter fiscal 2014 net earnings were $39.9 million and diluted earnings per share totaled $0.47, including an unfavorable $0.05 after-tax impact from the restructuring charges.
Paul Marciano, Chief Executive Officer, commented, "We are pleased to deliver second quarter earnings that exceeded our expectations. The earnings not only reflect the achievement of our revenue expectations for the quarter, but also the benefits of our expense management and cost control efforts."
Mr. Marciano continued, "We are very encouraged by the improvements in the trends of our North American Retail business in the second quarter, reflecting the enhancements in our product assortments.
"However, the economic climate in Southern Europe continues to be challenging and we are beginning to see a slowdown in China. Therefore, although we are encouraged by our overall results in the first half of fiscal 2014, the outlook for consumer spending in Southern Europe and China remains uncertain and we are planning our business accordingly."
- Total net revenue for the second quarter of fiscal 2014 increased 0.6% to $639.0 million, from $635.4 million in the prior-year quarter. In constant currency, total net revenue decreased 1.4%.
- The Company's retail stores in North America generated revenue of $254.3 million in the second quarter of fiscal 2014, a 0.5% increase from $253.0 million in the same period a year ago.
- Comparable store sales for the second quarter of fiscal year 2014 decreased 2.0% in U.S. dollars and 1.7% in constant currency compared to the same period a year ago. The Company directly operated 507 retail stores in the United States and Canada at the end of the second quarter of fiscal 2014 versus 511 stores a year earlier.
- Net revenue from the Company's Europe segment increased 1.4% to $250.4 million in the second quarter of fiscal 2014, from $246.9 million in the prior-year period. In local currency, net revenue decreased 3.3%.
- Net revenue from the Company's Asia segment decreased 1.5% to $65.9 million in the second quarter of fiscal 2014, compared to $66.8 million in the prior-year period. In constant currency, net revenue decreased 3.6%.
- Net revenue from the Company's North American Wholesale segment decreased 0.7% to $41.4 million in the second quarter of fiscal 2014, compared to $41.6 million in the prior-year period.
- Licensing segment net revenue was slightly up at $27.1 million in the second quarter of fiscal 2014, from $27.0 million in the prior-year period.
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