During the first quarter of fiscal 2013, the Company invested $56.5 million in repurchasing 559,000 shares of the Company's common stock at an average price of $101.10 per share. As of March 30, 2013, the Company had remaining authority to purchase $1.01 billion of its common stock.
Sales and Earnings Guidance
For the second quarter of fiscal 2013, the Company expects:
- Net sales to increase approximately 8% to 9% (inclusive of a negative 2 percentage point sales impact from the $15 million shift in shipments referred to above)
- Operating margin in a range of 11.5% to 12.0%
- Diluted earnings per share in a range of $0.89 to $0.94
For the full fiscal year 2013, the Company now expects:
- Net sales to increase between 10% and 11%
- Operating margin in a range of 16.5% to 17.0%
- Diluted earnings per share in a range of $6.00 to $6.26
The Company's full year expectations include the impact of the gain associated with the future acquisition of the remaining interests in its Spanish joint venture and also assumes current foreign currency exchange rates that affect the Company's financial results remain at prevailing levels.
Certain statements contained herein that are not historical facts constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. The actual results of the future events described in such forward-looking statements could differ materially from those stated in such forward-looking statements. Among the factors that could cause actual results to differ materially are: changes in economic trends and financial performance, changes in consumer demands, tastes and fashion trends, lower levels of consumer spending resulting from a general economic downturn, shifts in market demand resulting in inventory risks, changes in foreign currency exchange rates, and the outcome of current and possible future litigation, as well as the risks and uncertainties set forth in the Company's Annual Report on Form 10-K for the fiscal year ended December 29, 2012 filed with the Securities and Exchange Commission (the "SEC").
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