The Company repurchased approximately 971,000 shares of Class A Common Stock during the third quarter of Fiscal 2013, utilizing $150 million of its authorized share repurchase programs. In the first nine months of Fiscal 2013, the Company repurchased $450 million of its Class A Common Stock and approximately $627 million remained available under authorized share repurchase programs at the end of the third quarter. The Company had $78 million in capital expenditures in the third quarter, compared to $68 million in the prior year period. The third quarter ended with inventory up 10% to $981 million from $895 million in the third quarter of last year.
Global Retail Store Network
The Company ended the third quarter of Fiscal 2013 with 399 directly operated stores, comprised of 114 Ralph Lauren stores, 58 Club Monaco stores, 213 Polo factory stores and 14 Rugby stores. The Company also operated 508 concession shop locations worldwide at the end of the third quarter. In addition to Company-operated locations, international licensing partners operated 63 Ralph Lauren stores and 32 dedicated shops, as well as 64 Club Monaco stores and shops at the end of the third quarter.
Fiscal 2013 OutlookBased on its year-to-date results, the Company expects consolidated net revenues for Fiscal 2013 to increase by approximately 2%. Included in the Fiscal 2013 net revenue expectation is an approximate 400-500 basis point net negative impact associated with strategic decisions regarding certain operations, including store closures associated with the Company’s Greater China network repositioning efforts and the discontinuation of American Living, in addition to unfavorable foreign currency effects. As a result of the better-than-expected profitability achieved in the first nine months of the year, the Company now expects operating margin from continuing operations for Fiscal 2013 to be approximately 75-100 basis points above the prior year period, which compares to its prior expectation of an approximately 50 basis point improvement. The full year Fiscal 2013 sales and operating margin expectations outlined in this press release do not include approximately $20-$25 million in anticipated pretax charges related to the previously announced closure of the Rugby brand. The Company currently estimates the full year Fiscal 2013 tax rate at approximately 32%.