- Fourth Quarter Adjusted EPS of U.S. $0.83 at High End of Prior Guidance
- Adjusted EPS Guidance for Fiscal 2014 Initiated at U.S. $3.00-$3.10
- Announcement of Further New Branded Retail Programs and Brand License
- Capital Expenditures of U.S. $300-$350 Million Projected for Fiscal 2014, Including New Yarn-Spinning Facilities and Initial Investment in New Textile Facility
- Capital Investments in Major Cost Reduction Projects Expected to Generate Savings Starting in Fiscal 2015
The Company also provided initial guidance for fiscal 2014 adjusted EPS of U.S. $3.00-$3.10, on projected sales revenues of approximately U.S. $2.35 billion, and is projecting capital expenditures of U.S. $300-$350 million in fiscal 2014. The Company was pleased to announce a 20% increase in the amount of its quarterly dividend.
Fourth Quarter Results
Net earnings were U.S. $96.8 million or U.S. $0.79 per share on a diluted basis for the fourth fiscal quarter ended September 29, 2013, compared with net earnings of U.S. $89.0 million or U.S. $0.73 per share for the fourth quarter of fiscal 2012. Net earnings for the fourth quarter of fiscal 2013 included a U.S. $4.7 million after-tax charge for the cost of unwinding interest rate swaps and U.S. $0.5 million after-tax restructuring and acquisition-related costs.
Net earnings for the fourth quarter of fiscal 2012 included after-tax restructuring and acquisition related costs amounting to U.S. $5.9 million. Before reflecting these items in both years, adjusted net earnings for the fourth quarter of fiscal 2013 were U.S. $102.0 million or U.S. $0.83 per share, up 7.5% and 6.4% respectively compared to adjusted net earnings of U.S. $94.9 million or U.S. $0.78 per share in the fourth quarter of the previous year.
The growth in earnings and EPS in the fourth quarter compared to last year was due to strong growth in sales revenues in the Company’s operating segments and lower cotton costs, partially offset by higher selling, general and administrative expenses and higher income taxes. Adjusted net earnings before income taxes in the quarter increased by 12.2% compared to the fourth quarter of fiscal 2012.
Net sales in the fourth quarter amounted to U.S. $626.2 million, up 11.5% from U.S. $561.7 million in the fourth quarter of fiscal 2012. The Company had projected that net sales for the quarter would be in excess of U.S. $600 million.
Net sales for the Printwear segment amounted to U.S. $423.9 million, up 12.5% from U.S. $376.8 million in the fourth quarter of fiscal 2012. Unit sales volumes in creased by 18.7% from the fourth quarter of last year due to increased shipments in the U.S. printwear market, the non-recurrence of inventory destocking which occurred in the U.S. distributor channel in the fourth quarter of fiscal 2012 and a 37% increase in international sales volumes. The positive impact on net sales of higher unit sales volumes was partially offset by lower net selling prices compared to the fourth quarter of last year.
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