Based on current trends, Vans, Inc. is raising its previous guidance by $0.04 for the third quarter and full fiscal year 2004. The company now expects diluted earnings per share from continuing operations for the base business (excluding skate parks expected to be closed) and on a GAAP basis to range between 24 cents to 26 cents and 21 cents to 23 cents, respectively.
For fiscal year 2004, the Company now expects diluted earnings per share from continuing operations for the base business in the range of $0.60 and $0.64 and on a GAAP basis between $0.38 and $0.46.
“Our holiday business accelerated over the past three weeks substantially above our previous expectations led by strong comp store gains and higher retail gross margins,” stated Gary H. Schoenfeld, President and Chief Executive Officer. “All categories performed well including men's, girl's and apparel, with same store-sales now ahead more than 15% for the first six weeks of the quarter. In addition, we continue to see a strengthening in our U.S. wholesale business, and taken together, this has raised our guidance for the quarter and the year.”
Mr. Schoenfeld continued, “Obviously we are pleased that the momentum we experienced during back-to-school has continued through the holiday season. Last weekend was our first tradeshow for next back-to-school and we continue to be encouraged as we finish this year and look ahead to fiscal 2005.”
