First quarter highlights:
- Revenue for the quarter was a record $645.9 million, growth of 100.1% versus prior year's reported revenue and growth of 8.2% versus prior year's pro forma revenue. Key contributors to the excellent revenue performance in the quarter were Sperry Top-Sider, Merrell, and Saucony. Foreign exchange fluctuations had minimal impact on reported revenue growth during the quarter.
- Excluding non-recurring transaction and integration expenses, fully diluted earnings per share in the quarter were $0.81, a 26.6% increase compared to $0.64 per share in the prior year's first quarter that included a $0.12 per share non-recurring tax benefit. Reported earnings per share were $0.60 in the first fiscal quarter.
- Excluding non-recurring transaction and integration expenses, the PLG acquisition delivered a stronger-than-anticipated $0.34 per share of earnings accretion in the first quarter. The Company defines "earnings accretion" as operating income of the acquired business reduced by incremental interest expense, certain non-cash amortization expense related to purchase price accounting, and net synergies, all on an after-tax basis.
- The Company reduced its long-term interest-bearing debt by approximately $33 million in the quarter, including a $25 million voluntary principal reduction made in late January, underscoring its intent to aggressively reduce its leverage.
"We are exceptionally pleased to be off to such a strong start in 2013, particularly as this represents the first full fiscal quarter that includes our four new lifestyle brands," said Blake W. Krueger, Chairman and Chief Executive Officer. "As we anticipated, the addition of Sperry Top-Sider, Saucony, Stride Rite, and Keds has made our brand offerings even stronger, and we are already seeing very positive reactions to the broader portfolio from key retail and global distributor partners.
"The U.S. market was a key component of the Company's overperformance in the quarter. As expected, challenging conditions in Europe continue, but the resiliency of the global consumer, the strength of our international business, and standout performances from brands like Sperry Top-Sider and Merrell combined to more than offset these challenges."
| On 22nd Jun 2021
The United Nations system in Cambodia is working together with...
| On 22nd Jun 2021
Vesta, an end-to-end online transaction guarantee platform, recently...
The Readymade Garments Export Council of Egypt has been working to...
The pandemic has reinstated need for organised retail spaces in Tier II...
Quality & affordability to affect market acceptability of new fibres
Water use efficiency remains relatively unexplored
Mumin Can Eker
Maseksport Inc is a readymade garment exporter. Founded in Izmir in 1989,...
Seraphine is a British maternity brand providing affordable luxury fashion ...
A TV show in 2012 where actor Sonam Kapoor customises her own pair of...
Loomia designs and manufactures soft circuit systems that can be produced...
Dr Anup Rakshit
The Indian Technical Textile Association (ITTA) is the only association of ...
Kevin Young & Tom Lucas
Web Industries is a precision formatter of nonwoven materials used in baby ...
Vidur Adlakha & Riccardo Bennidini
With an active presence in US, Italy and India, clothing brand La Fuori...
Designer <b>Suman Nathwani</b> talks about her journey of opening a...
Ramya Rao & Kavea R Chavali
<div>The journey of Kalaneca (kala-Art, Neca- Nikaah) formally began in...
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.