For first quarter, the company reported net earnings of $.32 per diluted share ($43.6 million), which included an unfavourable impact of approximately $0.06 from severance costs incurred in the first quarter, which was not included in the company's fiscal 2018 modeling assumptions; and a favourable impact of approximately $0.05. Net earnings for the first quarter in 2017 were $.53 per diluted share ($75.3 million).
The company repurchased approximately $22 million of its common stock, representing approximately 1.2 million shares, under its existing $2.5 billion share repurchase program. As of June 2, 2018, the programme had a remaining balance of approximately $1.5 billion. It ended the first quarter with $847 million in cash and investment balances, an increase of approximately $281 million, compared with approximately $565 million at the end of the fiscal 2017 first quarter.
The company remains on track with its three-year financial goals that comprise its vision for 2020 like achieving comparable sales growth beginning in fiscal 2018, moderating declines in operating profit and net earnings per diluted share in fiscal 2018 and fiscal 2019 and to achieve growth in net earnings per diluted share by fiscal 2020. (RR)
Fibre2Fashion News Desk – India
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