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LEXINGTON, Mass.--(BUSINESS WIRE)--Jan. 13, 2005--The Stride Rite Corporation (NYSE: SRR) today reported its fourth quarter and fiscal year 2004 results.
Sales for the fourth quarter of fiscal 2004 increased 13% to $116.8 million from $103.8 million in the comparable period of fiscal 2003. Net income for the fourth quarter totaled $51 thousand or $.00 per diluted share, as compared to a net loss of $965 thousand or $.02 net loss per diluted share in last year's fourth quarter. The fourth quarter of fiscal 2004 contained 14 weeks compared to the 13 weeks in the fourth quarter of 2003.
For fiscal year 2004 net sales were $558.3 million, an increase of 1% from the net sales of $550.1 million for fiscal year 2003. Fully diluted earnings per share were $.66 for fiscal 2004 versus $.64 in fiscal 2003. Net income for fiscal year 2004 totaled $25.7 million, an increase of 1% from the $25.5 million reported in the 2003 fiscal year. The 2004 fiscal year contained 53 weeks compared to 52 weeks in fiscal year 2003.
Fourth quarter and full fiscal year sales of the Stride Rite Children's Group increased 17% and 7%, respectively, compared to the same periods in fiscal 2003. The Children's Group company-owned retail stores recorded a sales increase of 23% for the fourth quarter over the same period of fiscal 2003 and 12% over the prior year. As noted earlier, performance was helped by the fact that fiscal 2004 was a 53 week year. Comparable Children's Group retail stores sales increased from the similar periods of last year, 8.2% and 6.9% for the fourth quarter and full year, respectively. Sales by the Children's Group to independent retailers increased 5% during the fourth quarter of fiscal 2004 as compared to last year and were flat for the year. At the end of fiscal 2004, the Stride Rite Children's Group operated 251 stores, an increase of 8% from the prior year. Sales of Sperry Top-Sider footwear increased 40% in the fourth quarter and 10% versus the full fiscal 2003 year. Sales of Keds increased 4% versus the fourth quarter of last year, although annual Keds sales decreased 11% versus last year. Tommy Hilfiger sales decreased 6% in the fourth quarter and 3% for the full year compared to the same periods in fiscal 2003. International sales for the fourth quarter increased 14% and 16% for the full year versus the same periods in 2003.
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Sales for the fourth quarter of fiscal 2004 increased 13% to $116.8 million from $103.8 million in the comparable period of fiscal 2003. Net income for the fourth quarter totaled $51 thousand or $.00 per diluted share, as compared to a net loss of $965 thousand or $.02 net loss per diluted share in last year's fourth quarter. The fourth quarter of fiscal 2004 contained 14 weeks compared to the 13 weeks in the fourth quarter of 2003.
For fiscal year 2004 net sales were $558.3 million, an increase of 1% from the net sales of $550.1 million for fiscal year 2003. Fully diluted earnings per share were $.66 for fiscal 2004 versus $.64 in fiscal 2003. Net income for fiscal year 2004 totaled $25.7 million, an increase of 1% from the $25.5 million reported in the 2003 fiscal year. The 2004 fiscal year contained 53 weeks compared to 52 weeks in fiscal year 2003.
Fourth quarter and full fiscal year sales of the Stride Rite Children's Group increased 17% and 7%, respectively, compared to the same periods in fiscal 2003. The Children's Group company-owned retail stores recorded a sales increase of 23% for the fourth quarter over the same period of fiscal 2003 and 12% over the prior year. As noted earlier, performance was helped by the fact that fiscal 2004 was a 53 week year. Comparable Children's Group retail stores sales increased from the similar periods of last year, 8.2% and 6.9% for the fourth quarter and full year, respectively. Sales by the Children's Group to independent retailers increased 5% during the fourth quarter of fiscal 2004 as compared to last year and were flat for the year. At the end of fiscal 2004, the Stride Rite Children's Group operated 251 stores, an increase of 8% from the prior year. Sales of Sperry Top-Sider footwear increased 40% in the fourth quarter and 10% versus the full fiscal 2003 year. Sales of Keds increased 4% versus the fourth quarter of last year, although annual Keds sales decreased 11% versus last year. Tommy Hilfiger sales decreased 6% in the fourth quarter and 3% for the full year compared to the same periods in fiscal 2003. International sales for the fourth quarter increased 14% and 16% for the full year versus the same periods in 2003.
See the rest at: http://www.corporate-ir.net/ireye/ir_site.zhtml?ticker=SRR&script=410&layout=6&item_id=662363
