Reebok reports improved first quarter 2001 earnings
The US sports footwear and apparel giant, Reebok International Ltd, last week reported net income for the first quarter ended March 31, 2001 of $41.2 million, or $.68 per share, an increase of 30% when compared to net income of $31.7 million for the same period last year.
Net sales in the 2001 first quarter were $770 million, slightly higher than last year's first quarter reported sales. However, the company reported that sales comparisons are being adversely affected by the weakening exchange rates of most foreign currencies against the strong U.S. dollar. On a constant dollar basis, which eliminates the impact of currency fluctuations, sales for the 2001 first quarter increased $26 million or 3.4%.
Worldwide sales for the Reebok Brand in the 2001 first quarter were $642 million, as compared with 2000's first quarter sales of $618 million in constant dollars, an increase of 3.9%. In the U.S., first quarter 2001 Reebok footwear sales were $262.2 million, an increase of 3.4% from 2000 sales of $253.6 million.
Commenting on the figures, Reebok’s CEO, Paul Fireman said: "I am pleased with our earnings performance for the quarter and I'm confident in our ability to execute our plans for 2001. Our management team is focused on delivering our strategic initiatives which are designed to increase our sales, improve profitability and enhance shareholder value."
