Home / Knowledge / News / Apparel/Garments / Phillips-Van Heusen revises full year 2008 earnings guidance

Phillips-Van Heusen revises full year 2008 earnings guidance

19
Nov '08
Phillips-Van Heusen Corporation reported 2008 third quarter and year to date results.

For the third quarter of 2008:

-- Earnings per share excluding the operating results and exit costs associated with the Company's Geoffrey Beene outlet retail division was $1.10, which was in line with the Company's previous guidance and exceeded the consensus estimate. GAAP earnings per share was $1.03. (Please see reconciliations of GAAP to non-GAAP earnings per share for 2008 later in this release.) The prior year's third quarter earnings per share was $1.05.

-- Total GAAP revenue increased 4% to $727.5 million from $696.4 million in the prior year's third quarter.

For the nine months of 2008:

-- Total GAAP revenue increased 4% to $1,914.1 million from $1,840.7 million in the prior year's nine month period.

-- Earnings per share excluding the operating results and exit costs associated with the Company's Geoffrey Beene outlet retail division was $2.65. GAAP earnings per share was $2.48. (Please see reconciliations of GAAP to non-GAAP earnings per share for 2008 later in this release.) For the prior year's nine month period, earnings per share was $2.65.

-- The current year's nine months includes approximately $12 million of start-up costs associated with new businesses, all of which was incurred in the first half of 2008, and which represents an increase of $6 million, or $0.08 per share, over the prior year's nine month start-up costs of $6 million.

Third Quarter Results
Total GAAP revenue increased 4% for the quarter, driven by a 9% increase in the Calvin Klein licensing business attributable principally to recently licensed product categories and strength in jeans and underwear. The increase in Calvin Klein licensing revenue was tempered by the slowdown in the global economy during the third quarter and the strengthening of the U.S. dollar against most world currencies. The GAAP revenue of the Company's wholesale and retail businesses increased 3%, driven by dress furnishings, the Calvin Klein men's sportswear and retail businesses, and the new Timberland wholesale men's sportswear business. Partially offsetting this were revenue declines in the Company's heritage brand outlet retail businesses, which experienced a comparable stores sales decline of 7%. The Calvin Klein outlet retail business experienced comparable store sales growth of 1%. Overall, total outlet retail comparable store sales declined 5% in the third quarter.

Earnings in the third quarter were negatively impacted by the declines in comparable store sales of the heritage outlet retail business and the related decline in gross margin resulting from increased promotional selling given the difficult economic climate. Additionally, there was a shift of $9 million of advertising spending from the fourth quarter to the third quarter impacting both the combined wholesale and retail businesses and Calvin Klein licensing, which celebrated the 40th anniversary of Calvin Klein during the quarter.


Interviews View All

Top executives, Association

Top executives
Association

'Support and Outreach' huge relief for MSMEs

Darshan Mehta, Infinium Polychem

Darshan Mehta
Infinium Polychem

We are spending double digit figures on R&D

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli, Epson, For.Tex & F.lli Robustelli

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Luca Formentini,

Luca Formentini

From the very beginning, Loris Bellini's aim was to produce dyeing...

Priyanka Gandhi,

Priyanka Gandhi

Established in 2016, Surat-based Shree Ganesh Yarns is a manufacturer of...

Tina Antoniades,

Tina Antoniades

India-headquartered Lulu & Sky is a rapidly escalating brand with the...

Dr. Rene Wollert, Freudenberg Nonwovens

Dr. Rene Wollert
Freudenberg Nonwovens

Dr. Rene Wollert discusses the current scenario of the global nonwovens...

Thomas Ong P S, NanoTextile

Thomas Ong P S
NanoTextile

Malaysian company NanoTextile Sdn Bhd taps into the potentials of...

Davide Vigano, Sensoria

Davide Vigano
Sensoria

Sensoria is a leading developer of smart garments and IoMe (Internet of...

Pranav Mishra, Huemn

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Samar Firdos, Arvind Ltd

Samar Firdos
Arvind Ltd

<b>Samar Firdos</b>, Chief Manager (Design) at Lifestyle Apparel Denim...

Divvya and Nidhhi Gambhir, Walnut

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

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


October 2019

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

news category


Related Categories:

Follow us on instagram

Follow

Follow Fibre2Fashion On


Advanced Search