PVH Corp. reported 2013 fourth quarter and full year results. GAAP loss per share was $(0.46) as compared to the prior year’s fourth quarter earnings per share of $1.09.
-Fourth quarter Non-GAAP EPS of $1.43 exceeded guidance of $1.40; GAAP loss per share was $(0.46)
-Full year Non-GAAP EPS of $7.03 exceeded guidance of $7.00; GAAP EPS was $1.74
-Company made $500 million of debt repayments during 2013
-2014 Non-GAAP EPS projected to increase to $7.40 to $7.50, despite ongoing investments and an uncertain macroeconomic environment
Overview of Fourth Quarter Results:
Earnings per share on a non-GAAP basis were $1.43, which exceeded the Company’s guidance of $1.40, as compared to $1.60 in the prior year’s fourth quarter.
Revenue increased 25% to $2.052 billion, as compared to $1.636 billion in the prior year’s fourth quarter. The increase over the prior year was principally driven by the addition of approximately $479 million of revenue related to the acquired Warnaco businesses, net of the reduction in licensing revenue attributable to Warnaco.
Also contributing to the increase was revenue growth of $18 million, or 2%, in the Company’s Tommy Hilfiger and pre-acquisition Calvin Klein businesses. Partially offsetting these increases was a revenue decline of $81 million, or 19%, in the Company’s pre-acquisition Heritage Brands businesses, of which $75 million was lost revenue resulting from the sale of the G.H. Bass & Co. business on the first day of the quarter.