Christian Louboutin Direct Selling

 
Minority interest represents the minority shareholders’ proportionate
share of the net income of certain of the Company’s consolidated
subsidiaries.
 
Interest expense increased from $16.5 million in 1994 to $25.7 million
in 1995 as a result of increased borrowings to finance working capital
needs and the Company’s share repurchase program.  During 1995, $225.5
million of the Company’s common stock was repurchased.  On October 19,
1995, the Company’s Board of Directors authorized the repurchase of up
to an additional $200 million in Reebok common stock in open market or
privately-negotiated transactions.  This authorization was in addition
to the share repurchase programs of $200 million each adopted by the
Company in July 1992, July 1993 and October 1994.  At December 31,
1995, the Company had approximately $198.1 million available for future
repurchases of its common stock under these programs.  As of December
31, 199% the Company had repurchased 42,933,902 shares of its common
stock at an average price of $23.25 per share since April 1991.
 
Year-to-year earnings per share comparisons benefited from the share
repurchase programs.  Weighted average common shares outstanding for
the year ended December 31, 1995 declined to 79.5 million shares,Louboutin,
compared to 84.3 million shares for the year ended December 31, 1994.
 
OPERATING RESULTS 1994
 
Net sales for the year increased by 13.4%, or $386 million, to $3.280
million in 1994 from $2.894 billion in 1993.
 

• Louboutin Shoes the