Home / Knowledge / News / Apparel/Garments / Phillips-Van Heusen reaffirms previous guidance for revenue
Phillips-Van Heusen reaffirms previous guidance for revenue
11
Jan '11
Phillips-Van Heusen Corporation, in conjunction with the presentation to be given by Company management on January 11, 2011 at the Cowen and Company 9th Annual Consumer Conference is updating its previous guidance for earnings per share and reaffirming its previous guidance for revenue for the fourth quarter and fiscal year ending January 30, 2011.

Non-GAAP Amounts:
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.

Fourth Quarter 2010:
For the fourth quarter of 2010, the Company now estimates non-GAAP earnings per share will be $0.82 versus its previous guidance of non-GAAP earnings per share of $0.76 to $0.81. This compares to non-GAAP earnings per share in the prior year's fourth quarter of $0.61. GAAP earnings per share in the fourth quarter of 2010 is estimated to be $0.69 versus the Company's previous guidance of $0.63 to $0.68. This compares to GAAP earnings per share of $0.51 in the prior year's fourth quarter.

Total revenue for the fourth quarter continues to be estimated at $1.37 billion.

Full Year 2010:
Non-GAAP earnings per share for the full year 2010 is now estimated to be $3.95 versus the previous non-GAAP guidance of $3.90 to $3.95 and prior year non-GAAP earnings per share of $2.83. GAAP earnings per share is estimated to be $0.70 for the full year 2010, compared to GAAP earnings per share of $3.08 in the prior year. The Company previously projected that full year 2010 GAAP earnings per share would be in a range of $0.65 to $0.70.

Total revenue for the full year 2010 continues to be estimated at $4.61 billion as compared to revenue of $2.40 billion in the prior year.

Non-GAAP Exclusions:
The discussions in this release that refer to non-GAAP amounts exclude the following:

• Costs incurred during 2009 in connection with restructuring initiatives implemented that year, 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 the majority of the Company's Calvin Klein specialty retail stores and other initiatives to reduce corporate and administrative expenses. The costs associated with these initiatives were $25.9 million in 2009, of which $4.7 million was incurred in the first quarter, $6.3 million was incurred in the second quarter, $6.2 million was incurred in the third quarter and $8.7 million was incurred in the fourth quarter.
• Estimated pre-tax costs of approximately $322 million expected to be incurred in 2010 in connection with the acquisition and integration of Tommy Hilfiger, including the following:
o a loss of $140.5 million associated with hedges against Euro to U.S. dollar exchange rates relating to the purchase price, of which $52.4 million was recorded in the first quarter and $88.1 million was recorded in the second quarter;


Must ReadView All

Courtesy: American & Efird

Textiles | On 20th May 2018

A&E introduces Repel

American & Efird (A&E), a global leader in industrial sewing thread...

Archroma working with House of Denim Foundation

Textiles | On 20th May 2018

Archroma working with House of Denim Foundation

Archroma, a leader in colour and specialty chemicals, has joined...

Courtesy: Amazon

Textiles | On 20th May 2018

Amazon opening first fulfillment centre in Tucson

Amazon.com is opening its first fulfillment centre in Tucson, which...

Interviews View All

C. Dhandayuthapani
Mag Solvics Pvt. Ltd

ITME 2016 exploited our full strength like never before

Top executives
Textile industry, India

The event should be organised every year

Amit Jain
Shingora Textiles Ltd

‘In terms of fabric, the fastest growing category for us is a blend of...

Apurva Kothari

No Nasties was the first fashion brand in India to make 100 per cent...

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

Tom Adeyoola

Describing itself as the best body shape and garment fit company in the...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Cigdem Akin
Cigdem Akin

She has carved a niche for herself as the national brand of Turkey. Her...

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

Leave your Comments


May 2018

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

news category


Related Categories:

Advanced Search