Also during the quarter, Rockport had lower closeout sales and this resulted in higher selling and operating margins for the Company.
As a result of Rockport's new product offerings and their performance at retail, they are beginning to expand their men's collections in existing distribution and increasing the number of retail destinations for the new women's products, particularly in the better department store channel of distribution.
And Greg Norman Brand turned in another solid performance this quarter with double-digit growth in both the golf and department store divisions. This is the tenth consecutive quarter of double-digit sales growth for Greg Norman Brand," Fireman added.
The Company reported that its gross margin for the second quarter of 2005 was 40.6 percent, an improvement of 150 basis points when compared with the gross margin of 39.1 percent in the second quarter of 2004. "For the quarter, margins improved in both the US and internationally. Most of the improvement came from international markets," Fireman said.
Accounts receivable at June 30, 2005 was $670 million compared to $623 million a year ago. Worldwide inventories at June 30, 2005 totaled $541 million compared to $539 million a year ago. "Excluding the impact of currency, accounts receivable increased about $40 million or 6 percent," Fireman said.
The Company noted that it completed the sale of its Polo Ralph Lauren Footwear Company effective July 15th, 2005. "As they noted when they originally announced on May 23, 2005 agreement to sell Ralph Lauren Footwear Co., they will be updating earnings guidance during regularly scheduled second quarter earnings teleconference call at 10:30 a.m. this morning," Fireman added.
marketing@alchempro.com
