The company's SG&A expenses as a percentage of sales were 46.8 per cent compared to 36.5 per cent last year. Non-GAAP SG&A expenses as a percentage of sales were 37.4 per cent compared to 35.0 per cent last year. The difference between the GAAP and Non-GAAP results for the full year was due to company's incurring charges of $167.5 million related to restructuring, impairment and other charges of which $134.2 million were non-cash charges. However, there was 4.5 per cent decline in the net sales with $1.790 billion compared to $1.875 billion last year. On a constant currency basis, net sales decreased 4.1 per cent.
"Over the course of the last year, the organisation has been hard at work identifying margin enhancing initiatives and detailing plans that significantly improve the profitability of the company. We now anticipate that the $150 million cumulative savings plan announced in February 2017 will drive a $100 million operating profit improvement by fiscal year 2020. I am proud of the work the team has accomplished, and I believe we have laid a solid foundation to execute on our savings plan. I am confident that these improvements will drive a significant increase in shareholder value over the long-term," Dave Powers, president and CEO, said.
The company’s fiscal year 2018 outlook includes targeted savings which are expected to result in over $17 million of operating profit improvement. Its gross margin is expected to be approximately 47.5 per cent while net sales might be in the range of down 2 per cent to flat. (RR)
Fibre2Fashion News Desk – India
| On 29th Jan 2022
The EU recently filed a case at the World Trade Organisation against...
| On 29th Jan 2022
The Philippines missed the January 1 effectivity of the Regional...
The International Labour Organisation (ILO) and the Bangladesh...
Still struggling to mop up higher sales
Trainers faced immense challenges as most were not tech-savvy
Biggest learning was adaptability
Dr. Catherine Tubb
Created in 2018 to investigate the risk of market failure related to...
Located near Milan, Italy, and with 50 years of experience in the textile...
Abdullah Mohammad Saad Hossain
Saad Group is a leading vertically integrated textile group in Bangladesh. ...
German company Dilo Group is one of the leading equipment suppliers of...
EDANA has been the leading global association and voice of the nonwovens...
Alexium International is a specialty chemical development company...
Label - Ester Kubisz
Ester Kubisz, a London-based designer and founder of her eponymous label,...
Label - Dahlia Razzook
London based designer, <b>Dahlia Razook</b> known for her luxury...
Vidur Adlakha & Riccardo Bennidini
With an active presence in US, Italy and India, clothing brand La Fuori...
Letter to Editor
Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.
Subscribe today and get the latest information on Textiles, Fashion, Apparel.