Apparel sales improve Reebok results

Reebok International on Wednesday reported net income for the fourth quarter of USD 16 million, an earnings per share increase of 200% when compared to net income of USD 5.1 million, in the fourth quarter of 2001. For the full year ended December 31, 2002, net income was USD 132 million, an earnings per share increase of 23% when compared with net income of USD 103 million for the 2001 comparable period.

Apparel sales surged. In the U.S. they were USD 145 million, an increase of 48%. The Company's international sales of Reebok Branded products amounted to USD 287 million in the quarter, an increase of 13%.

Paul Fireman, the Company's Chairman and Chief Executive Officer said, "I am pleased to report that during this past year we were able to exceed earlier prognoses. This was accomplished in a challenging retail environment. During the year, we introduced many new exciting products that caught our retailers' attention and satisfied the needs of our consumers in distinctive and relevant ways." He continued: "During the year we successfully launched our new Rbk product in the U.S. market. And, to support this product launch, we created our "Sounds and Rhythm of Sport" marketing platform which fuses sports with music and entertainment."

Reeboks Rockport, Ralph Lauren footwear and Greg Norman brands also made progress in the fourth quarter despite the difficult conditions at retail. During 2003, Rockport plans to continue to focus on expanding their product offerings. Rockport also plans to pursue a renewed focus on the women's business with new product introductions planned beginning in the second half of 2003.

"Our current goals are to increase our 2003 sales in the mid to high single digit range and to grow our earnings per share for the year in the range of 15%," Fireman concluded.