Home / Knowledge / News / Fashion / Revenue in Calvin Klein licensing biz relatively flat at PVH
Revenue in Calvin Klein licensing biz relatively flat at PVH
24
Mar '09
Phillips-Van Heusen Corporation reported 2008 fourth quarter and full year results.

For the fourth quarter of 2008:
Earnings per share excluding restructuring items was $0.30, which was at the top end of the Company's guidance and exceeded the consensus estimate. GAAP loss per share was $0.74, which included $85.1 million of pre-tax costs related to restructuring items. The prior year's fourth quarter GAAP earnings per share was $0.55.
GAAP revenue was $577.8 million, a decrease of 1% compared to the prior year's fourth quarter of $584.5 million.

For the year 2008:
• Earnings per share excluding restructuring items was $2.95. GAAP earnings per share was $1.76, which included $99.3 million of pre-tax costs related to restructuring items. For the prior year, GAAP earnings per share was $3.21.
• GAAP revenue increased 3% to $2.49 billion from $2.43 billion in the prior year.

Fourth Quarter Results
GAAP revenue decreased 1% for the quarter. Revenue in the Calvin Klein licensing business was relatively flat to the prior year's fourth quarter, as growth attributable to recently launched product categories was offset by a decline in the fragrance business, which was particularly affected by reductions in travel and discretionary spending resulting from the difficult economic environment.

Revenue in the Company's wholesale and retail businesses decreased 3% due principally to the negative impact of the economic slowdown on the Company's wholesale sportswear and outlet retail businesses, combined with the completion of the exit from the Company's Geoffrey Beene outlet retail division during the fourth quarter of 2008. The Company's outlet retail comparable stores sales declined 9% in the fourth quarter. Partially offsetting the revenue decreases was revenue generated by the new Timberland wholesale men's sportswear business and additional Calvin Klein retail stores that were opened in 2008.

Earnings before interest and taxes, excluding $85.1 million related to restructuring items, was $35.4 million. This is a 33% decrease compared to the prior year's GAAP earnings before interest and taxes of $52.7 million and resulted from the sales declines in the Company's wholesale and retail businesses mentioned above and a significant reduction in gross margin due to heavy promotional selling during the holiday season in response to the Company's aggressive focus on reducing inventory levels. On a GAAP basis, the Company had a loss before interest and taxes in the fourth quarter of $49.8 million.

In the Calvin Klein licensing business, earnings before interest and taxes increased 16%, excluding $0.5 million related to restructuring items. On a GAAP basis, the increase in earnings before interest and taxes was 15%, driven principally by a shift in advertising spending from the fourth quarter into the third quarter in 2008 as compared to the prior year. The shift in timing of the spending related to activities in 2008 surrounding the celebration of the 40th anniversary of Calvin Klein.


Must ReadView All

Courtesy: Ministry of Trade and Industry, Singapore

Textiles | On 22nd Feb 2018

Final version of CPTPP pact released; to be signed in March

The final version of the Comprehensive and Progressive Agreement for...

Amazon India crosses 3 lakh seller base in less than 5 yrs

Apparel/Garments | On 22nd Feb 2018

Amazon India crosses 3 lakh seller base in less than 5 yrs

Amazon recently claimed to have crossed the three-lakh seller base in ...

Gujarat finance minister Nitin Patel. Courtesy: Global Gujarat News

Textiles | On 22nd Feb 2018

Rs843 cr for MSMEs, Rs35 cr for khadi in Gujarat budget

The Gujarat government has made a provision of Rs 843 crore in the...

Interviews View All

Hannah Lane
Redress

Encouragement from brands will motivate supply chains to become more...

Riddhika Shah
SS Homme

'Worsted wool is the ideal fabric for menswear'

C. Dhandayuthapani
Mag Solvics Pvt. Ltd

ITME 2016 exploited our full strength like never before

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Urs Stalder
Sanitized AG

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

Silke Brand-Kirsch
Schlegel und Partner

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

Kerem Durdag
Biovation II LLC

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

Anisha Chaudhari
Threads & Shirts

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

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

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

February 2018

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
70.6%
No
12.7%
Skip
16.7%

Total Votes: 102

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
63.7%
No
29.4%
Skip
6.9%

Total Votes: 102

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
88.2%
No
8.8%
Skip
2.9%

Total Votes: 102

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
83.3%
No
7.8%
Skip
8.8%

Total Votes: 102


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