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This excerpt taken from the FL 10-K filed Mar 29, 2005. 2003 compared with 2002 Direct-to-Customers sales increased 4.9 percent in
2003 to $366 million as compared with $349 million in 2002, driven by the growth of the Internet business. Internet sales increased by 32.6 percent to
$191 million from $144 million in 2002. Catalog sales declined by 14.6 percent to $175 million in 2003 from $205 million in 2002. During 2003, the
Company extended its agreement with the NFL, entered into new alliance agreements with the NBA and the USOC and expanded its services through on-line
specialty stores with Amazon.com. These agreements generally provide for the Company to merchandise, fulfill and manage the websites of these strategic
partners.
The Direct-to-Customers business generated division
profit of $53 million in 2003, as compared with $40 million in 2002. The increase in division profit was primarily due to increased sales. Division
profit, as a percentage of sales, increased to 14.5 percent in 2003 from 11.5 percent in 2002.
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