Reebok Earnings Disappoint

Reebok's ( RBK) first-quarter earnings were unchanged from a year ago and well below analysts' estimates as Footstar's bankruptcy interfered with its product flow and expenses rose.

The company earned $41.1 million, or 63 cents a share, in the latest quarter compared with earnings of $40.8 million, or 63 cents a share, last year. Revenue was $831.8 million in the latest quarter compared with $798.3 million last year, although revenue dipped about 1% on a constant currency basis.

Analysts were forecasting earnings of 67 cents a share on revenue of $842 million in the most recent quarter.

The company said sales of its Reebok brand rose 4% in the first quarter from last year, while Reebok U.S. footwear sales rose 2% to $261 million. International sales of Reebok brand goods rose 6% to $338 million.

The company said gross margin was 40.2% in the latest quarter compared with 38.1% in the year-ago period, but selling and general administrative expense came in at $266.1 million, or 32% of net sales, this year compared with $236.3 million, or 29.6%, last year.

"Our first-quarter performance was consistent with our expectation that sales for the year would increase in the mid-single-digit range and our earnings growth would occur in the second half of the year," the company said in a release.

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