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This excerpt taken from the SMG 10-K filed Nov 29, 2007. International
Net sales for the International segment in fiscal 2007 increased
by 15.0% or $61.3 million compared to fiscal 2006.
Excluding the effects of currency fluctuations, net sales
increased 5.5%. This segment saw improvement in every major
market, with our two largest markets, France and the United
Kingdom, up 11% and 2% for the fiscal year, respectively, as
measured in local currencies. Our international professional
business also delivered consistent growth with a 9% increase in
net sales from the prior year.
Net sales for the International segment in fiscal 2006 declined
by 5.1% or $21.8 million compared to fiscal 2005. Excluding
the effects of currency fluctuations, net sales declined 1.7%.
The retail environment in Europe was challenging with category
sales down in both the United Kingdom and France, our two
largest European markets. We believe listing improvements had
resulted in market share gains; however, these gains did not
result in top line growth due to the category declines.
In fiscal 2007, International operating income increased
$6.5 million or 22.8% as compared to fiscal 2006. A steady
gross margin on higher net sales and tight control over growth
in SG&A spending contributed to the increase. Operating
income decreased $5.8 million or 16.9% in fiscal 2006,
compared to fiscal 2005. Lower sales and gross margins were
partially offset by reduced SG&A spending, resulting in the
year-over-year decline.
This excerpt taken from the SMG 10-K filed Dec 14, 2006. International
Net sales for the International segment in fiscal 2006 declined
by 5.1% or $21.8 million compared to fiscal 2005. Excluding
the effects of currency fluctuations, net sales declined 1.7%.
The retail environment in Europe was challenging with category
sales down in both the U.K. and France, our two largest European
markets. We believe listing improvements have resulted in market
share gains; however, these gains did not result in top line
growth due to the category declines.
Fiscal 2005 International segment net sales increased
$24.7 million or 6.1% compared to fiscal 2004. Excluding
the effects of currency fluctuations, the fiscal 2005 net
sales increase was 1.1%. Lower sales in France and the Benelux
countries largely offset higher sales in the International
professional business, Central Europe and the United Kingdom.
In fiscal 2006, International operating income decreased
$5.8 million or 16.9% as compared to fiscal 2005. Lower
sales and gross margins were partially offset by reduced
SG&A spending, resulting in the
year-over-year
decline. Operating income grew $5.0 million or 17.1% in
fiscal 2005, compared to fiscal 2004. Excluding favorable
foreign exchange rates, International segment operating income
increased 8.5%. The increase in fiscal 2005 operating income was
attributable to modest revenue growth and reduced SG&A
spending, partially offset by lower gross margins.
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