GAAP operating loss for the first quarter of fiscal 2018 improved 11.9 per cent to $25.5 million (including a minimal currency translation impact), compared to $29.0 million in the corresponding period of the previous year. GAAP operating margin in the first quarter improved 90 basis points to negative 5.6 per cent, compared to negative 6.5 per cent in the prior-year quarter.
In the quarter under review, GAAP net loss was $21.3 million, 15.4 per cent improvement compared to $25.2 million for the first quarter of fiscal 2017. GAAP diluted loss per share improved 13.3 per cent to $0.26 for the first quarter of fiscal 2018, compared to $0.30 for the prior-year quarter.
"We are pleased to report that our first quarter results finished above the high-end of our expectations for revenues, adjusted operating margin and earnings per share. We continued to see strong performance in our international businesses. In Europe and Asia, our revenues were up 23 per cent and 17 per cent driven by new store openings and positive comp sales. We are also encouraged by the trends in adjusted operating margins for these two regions, as they expanded in the quarter relative to last year. In the Americas, as the performance of our business and the environment remain soft, we are more than ever focused on shrinking our footprint and profitability improvements," said Victor Herrero, chief executive officer said. (RR)
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