Greg Norman Collection, a division of Reebok International, LTD, reported that net sales increased 19% with a 28% increase in its core golf business for the second quarter ended June 30, 2005 and 19% for the first half with a 22% increase in its core golf business. This marks the tenth consecutive quarter of double-digit sales growth for the Company. The Company also reported improved operating profits for the quarter.
For the first half of the year, double-digit sales increases occurred in each of the Company's operating areas — golf, retail, corporate and international. The growth for the Company is fueled by its industry leading technical products including Luxury Double Mercerized PlayDry and its newest offering, Performance PlayDry. In addition, the Greg Norman Women's Collection is growing and increasing in popularity. The Company's gross margin continues to improve due to consistent increases in full price business through additional green grass and better specialty store doors.
“Over the past three years, we've seen explosive growth in our core Golf business which has grown by almost 60%. Of the 1280 new doors we've added during that time period, over 90 percent are premier green grass accounts,” said Dave Hall, Vice President of Operations and Chief Financial Officer.
In an effort to accommodate the strong growth, the company also announces two appointments. David Hall has been promoted to Vice President of Operations and Chief Financial Officer. In this expanded role, Dave will take a more strategic role within the Company providing leadership for distribution, embroidery, and customer service functions in addition to the financial aspects of the business. “I am thrilled to have Dave take on additional responsibilities for the organization. He brings a wealth of expertise that will only help to further elevate the brand,” said Suzy Biszantz, Chief Executive Officer and President, Greg Norman Collection. Sarah Hand McAleer has joined the company as Senior Director of Design. In this newly created role, she will have a leadership position within the design team and will help to develop product categories to strengthen the overall sportswear collection. Formerly of Tommy Hilfiger and Cerutti 1881, Sarah most recently was responsible for men's licensing design for the Hilfiger Crest Collections as well as helped to launch the woven categories of the upscale H Hilfiger Collection and served on the company's Creative Committee. “Sarah has a diverse design background working with a variety of luxury fabrics in both men's and women's wear,” said Michael Stein, Vice President of Design. “While our design team has extensive expertise in knitwear, Sarah brings invaluable experience in woven fabric development, including ties, woven shirts and tailored clothing.” Sarah will join the company August 5, 2005 and report directly to Michael Stein.
