For the first six months ended September 28, 2013:

  • Total revenue for the first six months increased 45.7% to $1,381.2 million from $947.8 million in the same period of fiscal 2013.
  • Retail net sales increased 49.0% to $681.2 million. Comparable store sales increased 25.0%. Wholesale net sales increased 41.8% to $642.4 million and licensing revenue increased 53.8% to $57.5 million.
  • Gross profit for the first six months increased 49.4% to $847.1 million, and as a percentage of total revenue increased to 61.3% as compared to 59.8% in the same period of fiscal 2013.
  • Income from operations for the first six months was $419.0 million and as a percentage of total revenue was 30.3%. For the same period of fiscal 2013, income from operations was $269.9 million, or 28.5% as a percentage of total revenue.
  • Net income for the first six months was $270.8 million, or $1.32 per diluted share, based on 205.5 million weighted average diluted shares outstanding. Net income for the same period of fiscal 2013 was $166.5 million, or $0.83 per diluted share, based on 199.8 million weighted average diluted shares outstanding.

Outlook

For the third quarter of fiscal 2014, the Company expects total revenue to be in the range of $845 million to $855 million. This assumes a comparable store sales increase in the range of 15% to 20%. Diluted earnings per share are expected to be in the range of $0.83 to $0.85 for the third quarter of fiscal 2014. This assumes 205.5 million weighted average diluted shares outstanding and a 35.5% tax rate.

For fiscal 2014, the Company now expects total revenue to be in the range of $2.9 billion to $3.0 billion. This assumes a comparable store sales increase of approximately 20%. Diluted earnings per share are now expected to be in the range of $2.77 to $2.81 for fiscal 2014. This assumes 205.2 million weighted average diluted shares outstanding and a tax rate of approximately 35.5%.

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