Outdoor financials: Eddie Bauer swings to Q4 loss, plus Luxottica

Outdoor financials: Eddie Bauer swings to Q4 loss. Luxottica reports Q4, FY '07 earnings.
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Eddie Bauer swings to Q4 loss

Eddie Bauer Holdings (Nasdaq: EBHI) said it swung to a fourth-quarter loss, but sales improved amid a turnaround plan.

Loss for the quarter ended Dec. 29 totaled $18.2 million, or $0.59 per share, compared with a profit of $101.7 million, or $2.11 per share, last year. The company said the loss was driven primarily by one-time increases in tax expense associated with the company's sale of financing receivables, and non-cash increases to the company's valuation allowances for net operating loss carry-forwards.

Revenue rose 3 percent to $392.4 million from $381.9 million last year. Same-store sales rose 4.8 percent. Retail same-store sales rose 8.6 percent, while outlet same-store sales fell 1.9 percent.

CEO Neil Fiske said in a statement that quarterly sales were "solid" but there is more to be done. Fiske, who started in June, has been working to turn the company around, including revamping merchandise and cutting costs. "We must do better on our costs and inventory management in order to flow through more of the sales gain to the bottom line," he said in a statement.

For the year, the company's net loss narrowed to $101.7 million, or $3.33 per share, compared with a loss of $212 million, or $7.06 per share, last year. Revenue rose 3 percent to $1.04 billion from $1.01 billion a year ago.

Eddie Bauer ended the year with 391 stores, a decrease of three stores from 2006. It opened 11 retail stores and one outlet store during the fourth quarter and closed two outlet stores. At year's end, the company operated 271 retail stores and 120 outlet stores.

Luxottica reports Q4, FY '07 earnings

Luxottica Group S.p.A. (NYSE: LUX), new parent of Oakley, said its FY '07 sales were boosted by strong performance in North America and its retail division.

Fourth-quarter consolidated sales were EUR 1.189 billion (USD $1.832 billion). Excluding Oakley, retail sales for the quarter were EUR 714 million (USD $1.10 billion), while wholesale sales were EUR 478 million (USD $736.6 million).

Consolidated operating income was EUR 152 million (USD $234.2 million) with 12.8-percent operating margin. Retail operating income, excluding Oakley, were EUR 59 million (USD $90.9 million) with a retail operating margin of 8.2 percent. Wholesale operating income was EUR 110 million (USD $169.5 million) with a wholesale operating margin of 23.0 percent.

Consolidated net income was EUR 97 million (USD $149 million). Earnings per share were EUR 0.21 (USD $0.32).

For the full year of 2007, consolidated sales were EUR 4.966 billion (USD $7.653 billion). Retail sales, excluding Oakley, were EUR 3.234 billion (USD $4.983 billion), while total wholesale sales were EUR 1.993 billion (USD $3.071 billion).

Consolidated operating income was EUR 833 million (USD $1.283 billion) with 16.8-percent operating margin. Retail operating income, excluding Oakley, was EUR 362 million (USD $557 million) with a retail operating margin of 11.2 percent. Wholesale operating income was EUR 528 million (USD $813 million) with a wholesale operating margin of 26.5 percent

Consolidated net income was EUR 492 million (USD $758 million) with a net margin of 9.9 percent. Earnings per share were EUR 1.08 (USD $1.66).

(Conversion of Euros into U.S. dollars is for information only, is not necessarily relative to earnings, and is based on the currency rate as of Mar. 13.)


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