The Stride Rite Corp. reported a net sales gain for the fourth quarter of fiscal 2002 of 10% to $98.2 million over $89 million for the same period last year. However, the company did report a loss for the period of $2.0 million which was much less that the $6.0 million loss for the same period last year.

For the full fiscal year, the company reported net sales of $ 532.4 million, an increase of one percent over fiscal 2001. Net income for the 2002 period totaled $24.1 million, an increase of 27% over the net income of $19 million in 2001. On a diluted basis, earnings were $.57 per share for 2002, while per share income for 2001 of $.12 per share.

Commenting on the year 2002, David M. Chamberlain, chairman and chief executive officer of Stride Rite, said, “During 2002 we continued to work on our strategies and improving our product lines. These efforts positively impacted the results of the Tommy Hilfiger Footwear, Sperry-Topsider and the international business. We feel this will carry over into the new fiscal year. During this last year we strengthened our balance sheet and improved our cash flow. We managed outré inventories down. As we enter this new fiscal year we hope to continue this momentum. For 2003 we believe our sales will continue to grow in the range of three to five percent and we are comfortable with the current First Call earnings projection of $.62 per share.”

During the year Stride Rite opened 58 Stride Rite Children’s Group company-owned stores, and exited 46 children’s leased department stores.

 

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