Tom Edwards

“Starting with fourth quarter results, total company revenue of $1 billion decreased 15% versus prior year, slightly better than our expectations. We reported an operating loss of $33 million, slightly below our expectations.”

“Starting with fourth quarter results, revenue of $1.3 billion decreased 3% on a 52-week constant currency basis, slightly ahead of our expectations. Net income was $121 million, resulting in diluted earnings per share of $0.97.”

“Overall, we were disappointed in our performance in the third quarter. While we were pleased with the continued growth in our own retail channel across all three of our luxury houses, revenue in our wholesale channel declined significantly, which resulted in expense deleverage and a lower operating margin.”

“Revenue of $1.41 billion increased 9% versus prior year and 18% in constant currency, in line with our expectations. Net income was $245 million, resulting in diluted earnings per share of $1.79.”

“Starting with fourth quarter results, revenue of $1.49 billion increased 25% versus prior year or 28% in constant currency, exceeding our expectations. On a 13-week basis, revenue increased 19%.”