Obviously it was a fabulous marketing coup.
I am pleased with our earnings performance for the quarter, and I'm confident in our ability to execute our plans for 2001.
Two brands individually will add to the value.
The overall industry outlook is not improving in the short term, and the economic conditions in Asia Pacific and Latin America continue to negatively impact our business, ... The domestic market is suffering from heavy promotions at retail, which is affecting our performance. And the well publicized conditions in Japan and Korea, our two largest markets in the Far East, has caused reported sales to decline approximately 50 percent when compared to last year.
take much longer for the Asia Pacific region to stabilize.
We expect these difficult industry conditions to persist well into the current year, as the industry works through its excess inventory.
I think we've made some strategic decisions to align with a partnership relationship with our key retailers throughout the world. We've been successful almost 100 percent getting them aligned, giving them creative ideas, ... In some cases we're giving them exclusive properties of ours to use. They're effectively enjoying it, we're enjoying it and it's helping bring both the relationship and the retail presence much stronger for Reebok than it has been, and I think that's the beginning steps.
Fundamentally it's to bring back the creativity, the cutting edge forwardness of Reebok, what it always stood for. To do that we have to do it in step-by- step procedure, ... The first thing was to get everybody aligned and focused just on one strategic plan. Our mission is to discover, to design and to delight our consumer. And we're doing that every day now. We're getting closer to doing it better and better. We're maybe I would say 50-or-60 percent of the way there, but the consumer's only seeing 10 or 20 percent of it because it's yet to really reach market.