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PVH represents 12.8% increase over Q4 2006
16 Jan '08
2 min read
Phillips-Van Heusen Corporation, in conjunction with its presentation by Company management at the Cowen & Co. 6th Annual Consumer Conference, stated that it expects to meet or exceed the high end of the Company's earnings per share guidance provided on December 3, 2007 for the fourth quarter and full year 2007 ending February 3, 2008.
In addition, it reaffirmed fiscal year 2008 guidance provided on the same date. The webcast of the conference can be accessed by logging onto company's website and going to the "News Releases" page under the "Investor Relations" tab.
For the fourth quarter 2007, the Company is estimating that earnings per share will be at least $0.53, which is at the high end of the guidance previously announced and represents a 12.8% increase over fourth quarter 2006.
Similarly, the earnings per share guidance for the full year 2007 is estimated to be at least $3.18, which is also at the high end of the prior guidance. The Company is currently estimating revenues for the fourth quarter in the range of $585 million to $590 million, or an increase of 5% to 6% compared to the prior year.
For fiscal 2008, the Company is reaffirming its earnings per share guidance of $3.55 to $3.65. The Company recognizes the difficult economic environment and ongoing concerns for continued weakness in the retail sector and consumer spending. Offsetting this concern is the anticipated completion, by the end of fiscal year 2007, of the Company'spreviously announced share buyback program.
As a result, the Company currently estimates that the impact of the stock buyback will be a reduction in the weighted average shares outstanding in 2008 of approximately 5 million shares. The Company is adjusting its revenue guidance for 2008, with revenues currently estimated to be 7% higher than 2007 revenues.
In addition, it reaffirmed fiscal year 2008 guidance provided on the same date. The webcast of the conference can be accessed by logging onto company's website and going to the "News Releases" page under the "Investor Relations" tab.
For the fourth quarter 2007, the Company is estimating that earnings per share will be at least $0.53, which is at the high end of the guidance previously announced and represents a 12.8% increase over fourth quarter 2006.
Similarly, the earnings per share guidance for the full year 2007 is estimated to be at least $3.18, which is also at the high end of the prior guidance. The Company is currently estimating revenues for the fourth quarter in the range of $585 million to $590 million, or an increase of 5% to 6% compared to the prior year.
For fiscal 2008, the Company is reaffirming its earnings per share guidance of $3.55 to $3.65. The Company recognizes the difficult economic environment and ongoing concerns for continued weakness in the retail sector and consumer spending. Offsetting this concern is the anticipated completion, by the end of fiscal year 2007, of the Company'spreviously announced share buyback program.
As a result, the Company currently estimates that the impact of the stock buyback will be a reduction in the weighted average shares outstanding in 2008 of approximately 5 million shares. The Company is adjusting its revenue guidance for 2008, with revenues currently estimated to be 7% higher than 2007 revenues.
Phillips-Van Heusen Corporation
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