Home / Knowledge / News / Fashion / Calvin Klein drives PVH Q2 performance
Calvin Klein drives PVH Q2 performance
21
Aug '08
Phillips-Van Heusen Corporation reported 2008 second quarter and year to date results.

For the second quarter of 2008:

• Earnings per share excluding the operating results and exit costs associated with the Company's Geoffrey Beene outlet retail division was $0.66, which was at the top end of the Company's previous guidance and exceeded the consensus estimate. GAAP earnings per share was $0.56. (Please see reconciliations of GAAP to non-GAAP earnings per share for 2008 later in this release.) The prior year's second quarter earnings per share was $0.68.

• The current year's second quarter includes approximately $5 million, or $0.06 per share, of start-up costs associated with new businesses.

• Total revenue increased 2% to $561.0 million from $552.4 million in the prior year's second quarter.

For the six months of 2008:
• Earnings per share excluding the operating results and exit costs associated with the Company's Geoffrey Beene outlet retail division was $1.55. GAAP earnings per share was $1.45. (Please see reconciliations of GAAP to non-GAAP earnings per share for 2008 later in this release.) For the prior year's six month period, earnings per share was $1.60.

• The current year's six months includes approximately $12 million, or $0.14 per share, of start-up costs associated with new businesses.

• Total revenue increased 4% to $1,186.7 million from $1,144.3 million in the prior year's six month period.

Second Quarter Results:
The Calvin Klein licensing business continued its strong performance during the second quarter and posted revenue and earnings growth of 30% and 47%, respectively. This performance was driven by continued growth across virtually all product categories and regions of the globe, with jeans and underwear performing exceptionally well. This growth mostly offset earnings decreases experienced by the Company's combined wholesale and retail heritage brand businesses.

Revenue in the second quarter of 2008 decreased 2% in the Company's combined wholesale and retail businesses. The Company's Calvin Klein outlet retail business continued to exhibit strong sales performance, and revenue benefited from the addition of sales associated with the new Timberland wholesale men's sportswear business and the new Calvin Klein specialty retail stores.

These increases were more than offset by decreases in the Company's heritage brand businesses, which continued to be adversely affected by the difficult macroeconomic retail environment. Total outlet retail comparable store sales in the quarter decreased 2%, with the Calvin Klein outlet retail business achieving comparable store sales growth of 9% and the heritage brand outlet retail businesses experiencing a comparable store sales decline of 5%.

Earnings in the second quarter of 2008 were negatively impacted by approximately $5 million, or $0.06 per share, of start-up costs associated with the Company's Timberland wholesale men's sportswear business and Calvin Klein specialty retail stores.


Must ReadView All

FDI in Vietnamese textile-garment projects on the rise

Apparel/Garments | On 24th Jun 2018

FDI in Vietnamese textile-garment projects on the rise

The European Union-Vietnam Free Trade Agreement and the Comprehensive ...

Courtesy: Alizilla

Apparel/Garments | On 24th Jun 2018

Alibaba Group sets up office in Kuala Lumpur

Strengthening its commitment to Malaysia, Alibaba Group has set up an ...

Bombay Dyeing plans to wind up Indonesian JV

Textiles | On 24th Jun 2018

Bombay Dyeing plans to wind up Indonesian JV

Bombay Dyeing & Manufacturing Co Ltd plans to wind up its loss making ...

Interviews View All

Ghanshyam Ghoghari
Kimora Fashion

Bridalwear is not about reds and whites anymore

Nishank Patel
Shri Dinesh Mills Limited

Broad range of fabrics will sell well this financial year

Viral Desai
Zenitex Mill Pvt Ltd

Full of green energy

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Anupam Arya

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

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Lynda Kelly
Suominen Corporation

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

Anisha Chaudhari
Threads & Shirts

Threads &amp; Shirts is a freshly-tailored concept providing men/women a...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

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


June 2018

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

news category


Related Categories:

Advanced Search