Home / Knowledge / News / Apparel/Garments / PVH Chairman pleased with first quarter results
PVH Chairman pleased with first quarter results
26
May '10
Phillips-Van Heusen Corporation reports 2010 first quarter results. Calvin Klein continued to experience global growth during the first quarter, with royalty revenue increasing 13% overall and 10% on a constant currency basis, due principally to strength in fragrance, footwear, accessories, women's sportswear and dresses.

The Company's wholesale and retail businesses also experienced strong growth in the first quarter of 2010, with revenue increasing 11%, as the Company's dress furnishings, sportswear and outlet retail businesses all posted increases over the prior year's first quarter. The Company's outlet retail comparable store sales increased 12% in the first quarter.

2010 Guidance:

Assumptions

Tommy Hilfiger Acquisition - On May 6, 2010, the Company completed its acquisition of Tommy Hilfiger. The following provides guidance for the Company's full year and second quarter 2010, inclusive of the operations of the acquired Tommy Hilfiger business starting from the acquisition date.

Full Year Guidance - Earnings per share in 2010 is currently projected to be in the range of $3.55 to $3.65 on a non-GAAP basis, which includes estimated earnings accretion from the Tommy Hilfiger acquisition of approximately $0.20 to $0.25 per share, but excludes approximately $300 million of pre-tax costs ($3.21 per share after tax), associated with the acquisition and integration of Tommy Hilfiger.

The Tommy Hilfiger business is estimated to generate $180 million to $190 million of operating income (10% to 11% operating income margin), exclusive of acquisition and integration costs, which are not recorded at the divisional level. On a GAAP basis, consolidated earnings per share in 2010 is currently projected to be in the range of $0.34 to $0.44.

Revenue in 2010 is currently projected to be $4.35 billion to $4.40 billion, which includes approximately $1.8 billion attributable to the Tommy Hilfiger business. For the full year, the Company is currently projecting that Calvin Klein royalty revenue will increase 7% to 8%. Combined revenue for the Company's non-Tommy Hilfiger wholesale and retail businesses is currently projected to grow between 7% and 8%. Comparable store sales are currently projected to grow approximately 4% to 5% for the Company's non-Tommy Hilfiger retail businesses.

CEO Comments:

Commenting on these results, Emanuel Chirico, Chairman and Chief Executive Officer, noted, "We are extremely pleased with our first quarter results and the continued strong performance across all parts of our business. The positive trends of the last several quarters have continued and we have seen strong gross margin recovery in our wholesale and retail businesses against last year's difficult first quarter. Renewed growth experienced by Calvin Klein globally also contributed to our positive results."


Must ReadView All

Sanjay K Jain, managing director, TT Ltd

Textiles | On 21st Sep 2017

TT’s Sanjay Jain elected new chairman of CITI

The Confederation of Indian Textile Industry (CITI), the apex body...

Textiles | On 21st Sep 2017

NRF urges US lawmakers to lower corporate tax rates

The National Retail Federation (NRF) has written to the US Senate...

Apparel/Garments | On 21st Sep 2017

UK fashion exports £10.7 bn in 2016; highest till now

Exports of British fashion goods rose to £10.7 billion in 2016, the...

Interviews View All

Akash Khetan
Narayan Tex Fab

I find it hard to find professionals in Surat

Top executives
Textile industry, India

The event should be organised every year

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

September 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search