Revenue in the Calvin Klein business for the quarter increased 5 per cent to $756 million compared to the prior year period. Similarly, there was also a 6 per cent rise to $842 million in the revenue of Tommy Hilfiger business.
"We continue to experience strong momentum in our Calvin Klein and Tommy Hilfiger businesses, which allowed us to exceed both our sales and earnings guidance for the first quarter despite the volatile macroeconomic environment and the highly promotional retail market in the US," said Emanuel Chirico, chairman and chief executive officer.
"Our first quarter performance underscored the power of our diversified business model and the strength in our international businesses. We believe that our brands, led by Calvin Klein and Tommy Hilfiger, continue to resonate with consumers and are gaining market share against our competition. As the global retail environment shifts, we continue to focus on adapting to change, while investing in our brands and operating platforms to capitalize on the opportunities for each of our businesses," said Chirico.
"We are pleased to increase our earnings guidance for the year despite the volatility that continues to persist in the macroeconomic environment. We expect that our best-in-class management teams, together with our proven business model, will continue to drive the execution of our strategic initiatives in an ever-changing environment. We believe the investments we have made and continue to make in our business will deliver long-term sustainable growth and stockholder value," Chirico concluded. (RR)
Fibre2Fashion News Desk – India
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