For the fiscal 2019 fourth quarter, the company reported a net loss of $0.53 per diluted share ($65.4 million), which included several special items such as severance costs, non-cash impairment charges related to certain store level assets and tradenames, and a loss on a sale-leaseback transaction.
This compares to a net loss of $1.92 per diluted share ($253.8 million) for the fiscal 2018 fourth quarter, which included special items such as a non-cash goodwill and tradename impairment charge.
Excluding these special items from both quarters, the company reported adjusted net earnings of $0.38 per diluted share ($46.9 million) for the fiscal 2019 fourth quarter, and adjusted net earnings of $1.20 per diluted share ($158.8 million) for the fiscal 2018 fourth quarter.
Net sales for the fiscal 2019 fourth quarter were $3.1 billion, a decrease of 6.1% compared to the prior year period.
Comparable sales in the fiscal 2019 fourth quarter declined 5.6%.
The company's fiscal 2019 fourth quarter was favorably impacted by the Cyber Monday holiday week, which occurred during the fourth quarter this year, but occurred in the company's third quarter in the prior year period.
Adjusting for the calendar shift to exclude Cyber Monday week in both periods, comparable sales for the fiscal 2019 fourth quarter declined 11.0%.
For the fiscal 2019 full year, the company reported a net loss of $(4.94) per diluted share ($(613.8) million), which included several special items such as non-cash impairment charges related to goodwill, tradenames, and certain store level assets, severance costs, shareholder activity costs, an incremental charge for markdowns associated with the company's inventory reduction initiative, and a loss on a sale-leaseback transaction, compared with a net loss of $(1.02) per diluted share ($(137.2) million) for the fiscal 2018 full year, which included several special items such as non-cash goodwill and tradename impairment charges, severance costs, and a gain on the sale of a building.
Excluding these special items from both years, the company reported adjusted net earnings of $0.46 per diluted share ($57.3 million) for the fiscal 2019 full year, and adjusted net earnings of $1.97 per diluted share ($264.8 million) for the fiscal 2018 full year.
Net sales for the fiscal 2019 full year were $11.2 billion, a decrease of 7.2% compared to the prior year period.
Comparable sales for the fiscal 2019 full year declined 6.8% compared to the prior year period. ■