Earnings are out:
biz.yahoo.com
The highlights:
Net sales for the fourth quarter were $32.8 million, compared to $39.2 million for the fourth quarter of fiscal 1997, a decrease of 16.3%. Before a one-time restructuring charge and domestic inventory write down of $11.9 million after tax, or $0.90 per share, fourth quarter net income from operations was $0.1 million, versus net income of $2.7 million in the same period last year. Excluding the one-time charge, earnings per share for the fourth quarter were $0.01, versus diluted earnings per share of $0.20 in the fourth quarter of 1997. Inclusive of the one-time charge, the Company recorded a net loss of $11.8 million, or $0.89 per share, on a diluted basis, for the fourth quarter of fiscal 1998.
''Sales and earnings during the second half of the year were significantly affected by both the worldwide oversupply of athletic footwear and the difficult economic situation and weak currencies overseas, particularly in Japan,'' said Mr. Schoenfeld. ''On the positive side, gross margins improved (before the restructuring charge and inventory write down), both as a result of better sourcing in Asia and a shift in sales mix as our own stores continue to perform extremely well, with our third straight year of double digit comp store increases.'' |
