Third Quarter Fiscal 2013 Income Statement Review
Net Revenues- Net revenues for the third quarter of Fiscal 2013 rose 2% to $1.8 billion. The increase in net revenues primarily reflects strong retail segment expansion that was partially offset by a planned contraction in wholesale shipments. Excluding the impact of strategic decisions to discontinue American Living and store closures associated with the Company’s Greater China network repositioning efforts, in addition to the net negative impact from foreign currency translation, net revenues increased approximately 5% in the third quarter.
Wholesale Sales- Wholesale segment sales of $734 million in the third quarter were 2% below the prior year period, as the discontinuation of American Living in Fiscal 2013, a proactive reduction in shipments to certain European customers and the net negative impact of foreign currency translation more than offset continued growth in core and emerging merchandise categories in the Americas.
Retail Sales-Retail sales rose 6% to $1.1 billion from $1.0 billion in the third quarter last year, reflecting growth in comparable store sales and the incremental contribution from new stores and e-commerce operations that were partially offset by lower sales at Asian concession shops and store closures associated with the Company’s Greater China network repositioning efforts. Consolidated comparable store sales rose 4% on both a reported and constant currency basis during the third quarter. The Company estimates that disruption caused by Super Storm Sandy negatively impacted third quarter comparable store sales growth by 1%-2%.
Licensing-Licensing revenues of $50 million in the third quarter were 1% greater than the prior year period. The increase in licensing revenues is principally due to higher domestic product licensing revenues that were partially offset by the transition of certain formerly licensed international regions to directly controlled operations.
Gross Profit- Gross profit for the third quarter of Fiscal 2013 increased 6% to $1.1 billion and gross profit margin improved 220 basis points to 59.3%. The higher gross profit margin was primarily driven by lower input costs, favorable product mix and operational discipline.
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