For the fourth quarter of 2002, Reebok International Ltd. (NYSE: RBK) reported net income of $16 million, or 27 cents per diluted share, up 200 percent when compared to net income of $5.1 million, or 9 cents per diluted share for the same period last year. Net sales for the fourth quarter were $763 million, a 15 percent increase from 2001 sales of $665 million.
For the year ending Dec. 31, 2002, net income was $132 million, or $2.04 per diluted share, an earnings per share increase of 23 percent compared with net income of $103 million, or $1.66 per diluted share, for 2001. Net sales for the year were $3.13 billion, a 5 percent gain over 2001 net sales of $3 billion.
Paul Fireman, the company's chairman and CEO, attributed success to new product introductions, new marketing programs, gains in market share for the Reebok brand in the athletic specialty channel and a 38 percent increase in media spend for the Reebok brand. "I am pleased with our financial and operating performance during 2002, but we have much more to accomplish. Our current goals are to increase our 2003 sales in the mid to high single digit range and grow our earnings per share for the year in the range of 15 percent," Fireman said.