For the quarter, consolidated net sales increased 9% to $197.5 million compared to $181.4 million in the third quarter of fiscal 2012, ended October 27, 2012.
In line with the Company's guidance, on an adjusted basis earnings per share were $0.10 in the third quarter of fiscal 2013 compared to $0.19 in the third quarter of fiscal 2012.
On a GAAP basis, earnings per share were $0.05 in the third quarter of fiscal 2013 compared to $0.18 in the same period of the prior year. In the third quarter of fiscal 2013, earnings per share were negatively impacted by a significantly higher effective tax rate than in the prior year.
Adjusted earnings per share for the third quarter of fiscal 2013 exclude $0.8 million of charges resulting from the acquisition of the Tommy Bahama licensed business in Canada.
Adjusted earnings per share in the third quarter of each year also exclude charges related to a change in the fair value of contingent consideration and the impact of LIFO accounting. For reference, tables reconciling GAAP to adjusted measures are included at the end of this release.
Thomas C. Chubb III, CEO and President, commented, "We are pleased that our third quarter results met our sales and earnings expectations. More importantly, our fourth quarter has been very solid to date. Both Tommy Bahama and Lilly Pulitzer have seen strength in e-commerce and in our retail stores over the first six weeks and we believe we will deliver strong fourth quarter results."
Mr. Chubb concluded, "Our earnings expectations for the year reflect the solid performance of our business and our continued investment in future growth. We expect the power of our direct to consumer strategy coupled with the strength of our brands and people to deliver sustainable top and bottom line growth in the years to come."
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