The company recorded adjusted net earnings of $16.1 million, 30.4 per cent increase compared to $12.3 million for the second quarter of fiscal 2017. Adjusted diluted earnings per share increased 26.7 per cent to $0.19, compared to $0.15 for the prior-year quarter.
"We are pleased to report that our adjusted second quarter results finished above the high-end of our expectations for operating margin and earnings per share. Overall, the company revenues increased 5 per cent, and operating profit grew 49 per cent compared to last year’s second quarter," said Victor Herrero, chief executive officer.
"We continue to see the results of our efforts in Europe and Asia, where our revenues were up 20 per cent and 17 per cent, respectively, mainly driven by new store openings, wholesale growth and positive comp sales. We are also encouraged by the trends in operating margins for these two regions, as they expanded in the quarter relative to last year. In the Americas Retail, as our performance and the business environment remains soft, we continue to focus on shrinking our footprint and profitability improvements," added Herrero.
GAAP operating earnings for the second quarter of 2018 increased 49.2 per cent to $23.2 million (including a $0.8 million favourable currency translation impact), compared to $15.6 million in the prior-year quarter. For the second quarter of 2018, adjusted operating earnings increased 52.3 per cent to $24.5 million, compared to $16.1 million in the same prior-year quarter. Adjusted operating margin was 4.3 per cent.
Total net revenue for the first six months of fiscal 2018 increased 3.9% to $1.03 billion, compared to $993.8 million in the prior-year period. In constant currency, net revenue increased by 4.5%. The Company recorded GAAP net loss of $6.1 million, compared to GAAP net earnings of $7.1 million for the six months ended July 30, 2016.
"We have now increased revenues for four consecutive quarters and we expect consolidated revenues to continue to increase despite store closures in North America. In Europe and Asia, we have seen not only strong double digits growth for several consecutive quarters but also continuing margin expansion. We have achieved meaningful cost reductions, especially in our supply chain. We are accelerating the reduction of our footprint in the US, which currently represents less than 36 per cent of our global sales. And finally we are significantly increasing the adjusted guidance for fiscal 2018 and are now expecting to grow top-line, adjusted operating margin and adjusted earnings per share compared to last year," concluded Herrero. (RR)
Fibre2Fashion News Desk – India
| On 17th Apr 2021
Fibre2Fashion, the online platform for the global...
Powered by a strong domestic and foreign demand, China's economy grew ...
| On 17th Apr 2021
As government cheques fattened consumers’ bank accounts and more...
The pandemic has reinstated need for organised retail spaces in Tier II...
Blockchain is not a silver bullet for each and every problem in supply...
Increased need for online fitting solutions as retailers shift to...
Mumbai-based Forsarees is a socially driven business enterprise, working...
Rishav Bajoria & Subham Sengupta
Launched in October 2020, the Gumti app could not have come at a more...
Yawer Ali Shah
Synthetic colours and dyes were all the rage till the very first ban on...
Kevin Young & Tom Lucas
Web Industries is a precision formatter of nonwoven materials used in baby ...
<div>RocketLife, an award-winning developer of breakthrough visual...
Garware Technical Fibres Ltd
Garware Technical Fibres Ltd (formerly Garware-Wall Ropes Ltd) is a...
Gramin Vikas Evam Chetna Sansthan
Ruma Devi is a jet-setting promoter of artisans who has empowered...
Samatvam, a womenswear brand that blends age-old craftsmanship with modern ...
Tahweave & Garo
Designer Sweta Tantia owns Garo, a couture indutva or ethnicwear brand,...
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.
Download Free Report
Rising Opportunities in Technical Textiles Market: 2020-2026
Thank you for showing interest in our free report on 'Rising Opportunities in Technical Textiles Market: 2020-2026'
You will receive an email shortly with a link to download the report and in case if you don't receive our email, you can write back to email@example.com.