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PVH raises guidance for fourth quarter
18 Feb '10
5 min read
Non-GAAP Exclusions:
The discussions in this release that refer to non-GAAP amounts exclude the following:
• Costs incurred in connection with the Company's restructuring initiatives announced in the fourth quarter of 2008, including the shutdown of the Company's domestic production of machine-made neckwear, a realignment of the Company's global sourcing organization, reductions in warehousing capacity, lease termination fees for retail stores and other initiatives to reduce corporate and administrative expenses. Such costs associated with these initiatives are as follows:
o Estimated pre-tax costs of approximately $26.2 million in 2009, $17.2 million of which was incurred in the first three quarters of 2009 and approximately $9 million of which is expected to be incurred in the fourth quarter of 2009.
o Pre-tax costs of $17.8 million that were incurred in the fourth quarter of 2008. In addition, pre-tax non-cash fixed asset impairment charges of $63.8 million were recorded in the fourth quarter of 2008 that principally related to approximately 200 of the Company's retail stores.
• The 2008 operating results and exit costs associated with the Company's Geoffrey Beene outlet retail division, which was closed during 2008. The net pre-tax costs related to the operating results and exit costs associated with the Company's Geoffrey Beene outlet retail division were $17.7 million in 2008, of which $3.5 million related to the fourth quarter of 2008. Revenue related to the Geoffrey Beene outlet retail division was $94.9 million for the full year 2008 and $16.5 million for the fourth quarter of 2008.
• The tax benefit of the above pre-tax costs, and a net tax benefit of approximately $30 million that was recorded primarily in the third quarter of 2009, related principally to the lapse of the statute of limitations with respect to certain previously unrecognized tax positions.
The discussions in this release that refer to non-GAAP amounts exclude the following:
• Costs incurred in connection with the Company's restructuring initiatives announced in the fourth quarter of 2008, including the shutdown of the Company's domestic production of machine-made neckwear, a realignment of the Company's global sourcing organization, reductions in warehousing capacity, lease termination fees for retail stores and other initiatives to reduce corporate and administrative expenses. Such costs associated with these initiatives are as follows:
o Estimated pre-tax costs of approximately $26.2 million in 2009, $17.2 million of which was incurred in the first three quarters of 2009 and approximately $9 million of which is expected to be incurred in the fourth quarter of 2009.
o Pre-tax costs of $17.8 million that were incurred in the fourth quarter of 2008. In addition, pre-tax non-cash fixed asset impairment charges of $63.8 million were recorded in the fourth quarter of 2008 that principally related to approximately 200 of the Company's retail stores.
• The 2008 operating results and exit costs associated with the Company's Geoffrey Beene outlet retail division, which was closed during 2008. The net pre-tax costs related to the operating results and exit costs associated with the Company's Geoffrey Beene outlet retail division were $17.7 million in 2008, of which $3.5 million related to the fourth quarter of 2008. Revenue related to the Geoffrey Beene outlet retail division was $94.9 million for the full year 2008 and $16.5 million for the fourth quarter of 2008.
• The tax benefit of the above pre-tax costs, and a net tax benefit of approximately $30 million that was recorded primarily in the third quarter of 2009, related principally to the lapse of the statute of limitations with respect to certain previously unrecognized tax positions.
Phillips-Van Heusen Corporation
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