Canton based footwear producer Reebok International Ltd reported net income for the second quarter ended June 30, 2005 of $37 million, or $.60 per diluted share, an earnings per share increase of 71 percent when compared to net income of $22 million, or $.35 per diluted share for the second quarter of 2004.
The second quarter 2004 results contain a one-time after-tax earnings charge of approximately $7 million or $.11 per diluted share, resulting from the early redemption of the Company's $250 million 4.25 percent convertible debentures.
Net sales for the 2005 second quarter were $876 million, an increase of 8 percent from 2004's second quarter net sales of $814 million. On a constant dollar basis, second quarter sales increased approximately 6 percent over the prior year's second quarter sales.
For the Reebok Brand, worldwide sales in the 2005 second quarter increased 9 percent to $740 million compared to 2004's second quarter sales of $681 million.
The acquisition of The Hockey Company, effective on June 30, 2004, favorably impacted sales comparisons as did foreign currency exchange rate fluctuations. The Hockey Company sales, which were $48 million in the second quarter of 2005, are included in the reported sales of the Reebok Brand.
In the US, sales for the Reebok Brand (including The Hockey Company) increased 6 percent in the second quarter as compared with 2004's second quarter. Reebok's US footwear sales in the second quarter were $281 million, an increase of 1 percent when compared with 2004's second quarter US footwear sales of $279 million.
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