Reebok International Ltd. (NYSE:RBK) today reported net income for the fourth quarter ended December 31, 2003 of $28 million, or $.44 per diluted share, an earnings per
share increase of 63% when compared to net income of $16 million, or $.27 per diluted share in the fourth
quarter of 2002. For the full year ended December 31, 2003, net income was $157 million or $2.43 per
diluted share, an earnings per share increase of 19% when compared with net income (before the cumulative
effect at the beginning of the year of the adoption of the new accounting standard regarding goodwill) of
$132 million or $2.04 per diluted share for the 2002 comparable period.
Net sales for the 2003 fourth quarter were $844 million, an increase of 11% from 2002 fourth
quarter net sales of $763 million. Foreign currency exchange rate fluctuations favorably impacted sales
comparisons. On a constant dollar basis (1) , fourth quarter sales increased approximately 6% over the prior
year's fourth quarter sales. For the Reebok Brand, worldwide sales in the 2003 fourth quarter increased
12% to $700 million compared to 2002 fourth quarter sales of $627 million.
In the U.S., sales for the Reebok Brand increased 13% in the fourth quarter of 2003 as compared
with 2002's fourth quarter. Reebok's U.S. footwear sales in the fourth quarter of 2003 were $228 million,
an increase of 17% when compared with 2002's fourth quarter U.S. footwear sales of $195 million. The
Company's international sales of Reebok Branded products amounted to $316 million in the quarter, an
increase of 10% over 2002's fourth quarter sales.
Sales of the Company's other brands; Rockport, Ralph Lauren Footwear and The Greg Norman
Collection, were $144 million in the fourth quarter of 2003, compared with 2002's fourth quarter sales of
$136 million, an increase of 6% over 2002's fourth quarter sales.
Net sales for all of 2003 were $3.485 billion, an increase of 11% from 2002 net sales of $3.128
billion. Worldwide sales for the Reebok Brand in 2003 were $2.936 billion as compared with 2002's sales
of $2.592 billion, an increase of 13%.
The Company reported that its total worldwide backlog of open customer orders scheduled for
delivery from January 2004 through June 2004 for the Reebok Brand increased 13% from the prior year's
comparable amount. On a constant dollar basis, overall backlog for the Reebok Brand increased 6%.
