For the third quarter of fiscal 2017, the company recorded net earnings of $9.1 million, a 26.8% decrease from $12.4 million for the third quarter of fiscal 2016.
Diluted earnings per share decreased 26.7% to $0.11 for the third quarter of fiscal 2017, from $0.15 for the prior-year quarter. The company estimates that currencies did not have a meaningful impact on diluted earnings per share in the third quarter of fiscal 2017.
Total net revenue for the third quarter of fiscal 2017 increased 2.9% to $536.3 million, compared to $521.0 million in the prior-year quarter. In constant currency, net revenue also increased by 2.9%.
Operating earnings for the third quarter of fiscal 2017 decreased 27.4% to $15.1 million (including a $0.2 million unfavorable currency translation impact), from $20.8 million in the prior-year quarter.
Operating margin in the third quarter decreased 120 basis points to 2.8%, from 4.0% in the prior-year quarter, driven primarily by the negative impact on the company's fixed cost structure resulting from negative comparable store sales in Americas Retail and segment mix, partially offset by lower performance-based compensation costs.
The negative impact of currency on operating margin for the quarter was roughly 40 basis points.
Other net income, which primarily includes net unrealized and realized mark-to-market revaluation gains on foreign exchange currency contracts, partially offset by net unrealized mark-to-market revaluation losses on foreign currency balances, was $0.1 million for the third quarter of fiscal 2017, compared to $0.2 million in the prior-year quarter.
What to read next