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Stride Rite declares record Q4 sales & full year results

Jan '06
Lexington based Stride Rite Corporation reported record 2005 sales on increased fourth quarter and fiscal year 2005 net sales. Net sales for the fourth quarter and full year of fiscal 2005 were $131.7 million and $588.2 million, increases of 13 percent and 5 percent, respectively, compared to the same periods in the prior year.

Fiscal 2005 contained 52 weeks compared to the 53 weeks in 2004, which had one extra week in the fourth quarter. The fourth quarter of 2005 also included $23.2 million of Saucony net sales for the 11 weeks subsequent to the September 16, 2005 acquisition date.

The fourth quarter net loss totaled $3.1 million or $.08 per diluted share, a decrease compared to the net income of $51 thousand or $.00 per diluted share in the fourth quarter of 2004. Net income for the 2005 fiscal year totaled $24.6 million, a decrease of 4 percent from the $25.7 million reported in the comparable period in 2004.

The fiscal 2005 diluted earnings per share of $.66 were flat versus last year.

The fourth quarter includes a pre-tax expense of $5.4 million related to the write-up of inventory purchased in the Saucony acquisition as required by GAAP accounting rules. In addition, the current quarter includes pre-tax acquisition related integration expenses of $800 thousand.

Excluding acquisition related integration costs and the inventory write-up, net income would have been $0.5 million and $28.6 million for the fourth quarter and theyear, respectively, while diluted earnings per share would have been $.01 and $.77 for the fourth quarter and the year, respectively.

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