As reported under GAAP, fourth quarter earnings per diluted share were $0.28 compared to earnings per diluted share of $0.12 in the fourth quarter of fiscal 2012. On an adjusted basis, fourth quarter earnings per diluted share were $0.50 as compared to adjusted earnings per diluted share of $0.38 in the fourth quarter of fiscal 2012. Adjusted earnings per diluted share exclude certain items as outlined in Table 1 Reconciliation of GAAP diluted earnings per share to adjusted diluted earnings per share.
Fiscal 2013 Results
Fiscal 2013 revenues were $970 million, as compared to $980 million reported in the prior year ended January 28, 2012 ("fiscal 2012). The prior year results include approximately $20 million of revenues associated with businesses exited during fiscal 2013. Revenues rose in many of the Company's businesses, including Golf lifestyle apparel, Laundry by Shelli Segal, International distribution and Direct to Consumer. These increases were partially offset by planned reductions in the Perry Ellis and Rafaella sportswear collections.
On a GAAP basis, net income for fiscal 2013 was $14.8 million, or $0.97 per fully diluted share compared to GAAP net income of $25.5 million or $1.60 per fully diluted GAAP share in fiscal 2012.Adjusted earnings per diluted share for fiscal 2013 were $1.45 compared to adjusted earnings per diluted share of $1.94 in fiscal 2012 and exclude the costs mentioned above for both fiscal periods. (See reconciliation "Table 1") Gross margin for fiscal 2013 was 32.7% and was negatively impacted by 30 basis points due to business exit costs. This compares to gross margin of 33.0% in fiscal 2012. Gross margin performance in fiscal 2013 also reflects a higher level of promotional activity in the first half of the year as the Company repositioned its collections businesses. Selling, general and administrative ("SG&A") expenses were well controlled throughout fiscal 2013 and totaled $280 million compared to $268 million in fiscal 2012. The year over year increase reflects approximately $10 million in costs associated with strategic initiatives and non-cash asset impairment costs. In addition, store openings added incremental store expenses, which were partially offset by expense savings initiatives undertaken by the Company.
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