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CK returning to more historical global growth rates - PVH
23
Mar '10
Phillips-Van Heusen Corporation reported 2009 fourth quarter and full year results.

The discussions in this release that refer to non-GAAP amounts exclude the items which are described in this release under the heading "Non-GAAP Exclusions." Reconciliations of GAAP to non-GAAP amounts are presented in the tables later in this release and identify and quantify all excluded items.

CEO Comments

Commenting on these results, Emanuel Chirico, Chairman and Chief Executive Officer, noted, "We are extremely pleased with our 2009 results and the strong performance across all components of our business, enabling us to exceed our previous earnings guidance. Our heritage brands delivered exceptional results in the fourth quarter, which reinforces what we know to be the strength and relevance of our brands to the consumer in the current "value-oriented" environment. The global growth momentum of the Calvin Klein brand also accelerated, and royalty revenue increased 22% in the fourth quarter."

Mr. Chirico continued, "We are positioned to have a strong year in 2010, with new programs being implemented in our wholesale businesses, a very strong start to our outlet retail business and Calvin Klein returning to more historical global growth rates. Our performance is indicative of the drive our management team has to deliver earnings and growth for the benefit of our stakeholders. We will continue to strive to achieve our goals as we embark on the unification of two of the world's largest apparel companies."

Mr. Chirico concluded, "Both the PVH and Tommy Hilfiger management teams are working hard at completing the previously announced acquisition of Tommy Hilfiger, which we expect to close in the second quarter of 2010. As we outlined when we announced the deal, the growth prospects for the combined company are strong and the businesses and cultures complementary, resulting in a company that has an attractive balance of domestic and international operations, wholesale and retail revenues, greater breadth and depth in product categories and a platform from which we expect to drive greater value for our customers and stockholders."

For the Fourth Quarter of 2009:

• Earnings per share was $0.61 on a non-GAAP basis, which exceeded the Company's earnings guidance and the consensus estimate. Earnings per share in the prior year's fourth quarter was $0.30 on a non-GAAP basis.
• GAAP earnings per share was $0.51, which compares to a GAAP loss per share of $(0.74) in the prior year's fourth quarter.
• Revenue was $614.6 million, or an increase of 9% compared to the prior year's fourth quarter revenue on a non-GAAP basis of $561.3 million. On a GAAP basis, revenue increased 6% from $577.8 million.

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Phillips-Van Heusen Corporation


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