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ancial results in more detail; then we will open the line for questions. As Neil addressed for the fourth quarter ended December 29, 2007,
cheap Michael Kors Embossed leather Medium White Satchels total revenues were $392.4 million compared to $381.9 million in the fourth quarter of 2006. The revenue breakdown versus prior year fourth quarter cheap Michael Kors Grayson Grommet Large Black Satchels is as follows: Net merchandize sales of $377.6 million compared to $365.2 million. Shipping revenues of $99.3 million compared to $10.0 million. Licensing royalty revenues of $3.4 million compared to $4.7 million in the same period of 2006. Royalty revenues from foreign joint ventures of $2 million and other revenues of
cheap Michael Kors Selma Top-Zip Large Fuchsia Satchels $0.1 million, both of which were flat over the same period in 2006. Q4 net merchandize sales for retail and outlet increased cheap Michael Kors Blake Pebbled Leather Large Orange Satchels 1.2% to $274.2 million and our direct channel including sales from our
cheap Michael Kors Top-Zip Logo Large Navy Satchels catalogues and website increased 9.7% to $103.4 million. This compares to $270.9 million of sales from the company's retail and outlet stores and $94.3 million of sales from its direct channel in the same period last year. Gross margin for the fourth quarter of 2007 totaled $165.2 million representing an increase of $0.8 million from $164.4 million for the fourth quarter of 2006. Gross margin percentage for the fourth quarter of 2007 decreased to 43.8% compared to 45% a year ago. The decrea
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