Net revenue from the Company's Europe segment increased 5.8% to $222.3 million in the second quarter of fiscal 2011, compared to $210.2 million in the prior-year period. In local currency, net revenue increased 17.7%.
Net revenue from the Company's Asia segment increased 42.8% to $42.2 million in the second quarter of fiscal 2011, from $29.5 million in the prior-year period.
Licensing segment net revenue increased 20.4% to $26.6 million in the second quarter of fiscal 2011, from $22.1 million in the prior-year period.
Operating earnings for the second quarter of fiscal 2011 increased 5.7% to $96.3 million (including a $4.0 million unfavorable currency translation impact) from $91.1 million in the prior-year period. Operating margin in the second quarter decreased 70 basis points to 16.7%, compared to the prior-year's quarter. The decline in operating margin primarily reflects the impact of lower North American product margins and higher occupancy costs, given the Company's global retail expansion.
The Company's effective tax rate declined to 30.1% for the second quarter of fiscal 2011, from 33.0% for the second quarter of the prior year.
Six-Month Period Results For the six months ended July 31, 2010, the Company reported net earnings of $117.1 million, an increase of 27.1% compared to net earnings of $92.1 million for the six months ended August 1, 2009. Diluted earnings per share increased 26.3% to $1.25 per share in the first six months of the 2011 fiscal year versus $0.99 per share in the comparable six-month period last year.
Total net revenue for the first six months of fiscal 2011 increased 15.9% to $1,116.5 million from $963.6 million in the prior-year period. In constant dollars, total net revenue increased 15.0%. The Company's retail stores in North America generated revenue of $477.6 million in the first six months of fiscal 2011, a 9.8% increase from $435.0 million in the same period a year ago.
Comparable store sales increased 3.7% in local currency and 6.5% in US dollars for the six months ended July 31, 2010, compared to the six months ended August 1, 2009. Net revenue from the Company's North America wholesale segment increased 30.3% to $87.0 million in the first six months of fiscal 2011, from $66.8 million in the prior-year period.
Net revenue from the Company's Europe segment increased 15.0% to $409.3 million in the first six months of fiscal 2011, compared to $355.9 million in the prior-year period. In local currency, Europe segment revenues increased 19.6%.
Net revenue from the Company's Asia segment increased 46.8% to $90.8 million in the first six months of fiscal 2011, compared to $61.8 million in the prior-year period. Licensing segment net revenue increased 17.5% to $51.8 million in the first six months of fiscal 2011, from $44.1 million in the prior-year period.
Operating earnings for the first six months of fiscal 2011 increased 20.5% to $167.6 million (including a $1.0 million favorable currency translation impact) from $139.1 million in the prior-year period. Operating margin in the first six months of fiscal 2011 increased 60 basis points to 15.0%, compared to the prior-year period. This operating margin improvement was the result of higher overall product margins, partially offset by the pension curtailment expense recorded in the first quarter of fiscal 2011.
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