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Calvin Klein & Tommy Hilfiger drive Q1 sales at PVH
24
May '12
PVH Corp. reported 2012 first quarter results.

Overview of First Quarter Results:
Earnings per share were $1.30 on a non-GAAP basis, which exceeded the Company's guidance and represents an increase of 6% over the prior year's first quarter non-GAAP earnings per share of $1.23.

GAAP earnings per share were $1.27 and represent an increase of 61% over the prior year's first quarter GAAP earnings per share of $0.79.

Revenue of $1.427 billion increased 4% from the prior year's first quarter, including the negative impact of approximately 1% attributable to approximately $20 million of foreign currency translation. The revenue increase of $58.2 million is attributable to the net effect of
(i) an increase of $54.9 million, or 8%, in the Company's Tommy Hilfiger business (which includes the negative impact of approximately 3% attributable to the foreign currency translation discussed above);
(ii) an increase of $16.5 million, or 7%, in the Company's Calvin Klein business; and
(iii) a decrease of $13.2 million, or 3%, in the Company's Heritage Brands business.

CEO Comments:
Commenting on these results, Emanuel Chirico, Chairman and Chief Executive Officer, noted, “We are very pleased with our first quarter results, which were driven by our global Calvin Klein and Tommy Hilfiger businesses.

“Both of these brands continued to demonstrate their worldwide consumer appeal during the first quarter, allowing us to perform above our expectations for both revenue and earnings per share, despite the cost pressures and economic headwinds in Europe that have impacted our industry.

“Although the macroeconomic environment in both the U.S. and Europe remains uncertain, the continued momentum in these businesses has enabled us to increase our full year earnings guidance. We believe that the impact of the product cost increases that have negatively affected our industry will abate in the second half of 2012, which will have a positive impact on all of our businesses.”

Mr. Chirico continued, “We are excited about the continued execution of our growth strategies for our brands, particularly Calvin Klein and Tommy Hilfiger, as we expand our global footprint. Our new Tommy Hilfiger joint ventures in the high growth markets of India and China performed very well during the first quarter.

"We continue to eagerly anticipate bringing the Tommy Hilfiger European men's tailored apparel and ck Calvin Klein European apparel and accessories businesses in-house in 2013.

“We look forward to unlocking the potential that these initiatives present and we will continue to drive global sales by working diligently to identify additional growth opportunities for these two power brands.”

Mr. Chirico further commented, “As we head into the second quarter, we are optimistic that the strength of our brands and the sound execution of our business strategies, along withour strong balance sheet, will continue to drive long-term growth and improvements in our financial metrics and business returns in 2012 and beyond.”

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PVH Corp

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