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Q1 Results:
- EPS were $0.14, down 53% year over year
- Total revenue decreased 5% to $549 million
- Total gross profit down 16% to $197 million
- Gross Margin down 460 basis points to 36%
- SG&A down 33.5%: primarily due to lower corporate expenses
- Licensee partners were in line and up 5% year over year
- Cash and short-term investment down to $313 million compared to $490 million a year ago
- Accounts receivable decreased 23% and DSOs improved
North America retail:
- Two new top executives joined: head of design and head of retail merchandising
- Same-store sales retail down 9%
- Revenues decreased 5%
- Operating income declined $21 million to a loss of $4 million
- Operating margin down to a negative 1.8%
Europe retail:
- Overall trend continued to decline, offset by double-digit increase in Russia, Germany, and Middle East
- Revenues decreased 13% with Italy and France to be the most difficult markets
- Operating income declined $80 million to a loss of $5 million
- Operating margin down to a negative 3% due to higher occupancy rate
Asia retail:
- Expected volatility in the short run due to political issues in S. Korea and slow economy in China
- Revenues grew 10%
- Operating profit increased 19%
- Operating margin up to 9.8%: partially offset by lower gross margin from expansion in China
Latin America retail:
- Sales increased 30% in first quarter: primary driver in Mexico
- Growth opportunity with first retail store open in So Paulo, Brazil by the end of this year
North America E-commerce retail:
- Further system enhancements are expected: such as order fulfillment in stores
Outlook for 2014:
- EPS expected in the range of $1.70 and $1.90
- Revenue expected in the range of $620 million and $635 million
- Same-store sales in North America and Europe are expected to decline in low to mid-single digits
- Revenues are expect to decline in the mid-single digits
- Slightly lower SG&A rate
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