The company said net income was down 9.1% to US$60.6m as it was hit
by a $19.5m settlement charge related to one of its European service
providers.
“.Over the quarter ended 30 July, net revenue increased 17.3% to
$677.2m. At constant exchange rates, net revenue increased 9.5%. The
company’s European operations posted 29.9% growth to $288.8m. In
constant currency, European sales rose 14.1% .”
“.Net revenue from its Asian operations increased 31.1% to $55.3m. At
constant currency, revenue in the division was up 21.6%. The North
American retail segment reported an 8% increase in sales to $261.1m,
despite seeing a 3.4% same-store sales decline .”
“.The company is forecasting that full-year net revenue will be between
US$2.74-2.78bn, with operating margin to be between 15.3% and 15.8% .”
“.“Our international businesses continue to drive our growth,
with Europe and Asia combining to deliver 80% of this quarter’s revenue
increase,” said CEO Paul Marciano .”
“.“In North America, our focus on inventory control and markdown
management was evident in our results, as we posted a substantial
increase in our retail profitability. Overall, our results demonstrate
the ability of our team to manage our business effectively and execute
well on our strategic initiatives.” .” ”
Date:8/29/2011
Source:www.inteletex.com