Earnings per share on a GAAP basis was $1.39 for the fourth quarter of 2017 compared to $1.26 in the prior year period. While the earnings per share on a non-GAAP basis was $1.58 for the fourth quarter of 2017 compared to $1.23 in the prior year period. Earnings per share on both a GAAP and non-GAAP basis for the fourth quarter of 2017 included a $0.04 positive impact related to foreign currency exchange rates.
Earnings before interest and taxes on a GAAP basis for the quarter decreased to $58 million from $154 million in the prior year period. Earnings before interest and taxes on a non-GAAP basis for the quarter were $177 million compared to $147 million in the prior year period.
"We are very pleased with our fourth quarter and full year 2017 results, which exceeded our expectations. These results are ahead of our long-term targets, driven largely by strong momentum in our Tommy Hilfiger and Calvin Klein businesses," said Emanuel Chirico, chairman and chief executive officer.
"Our 2017 results demonstrate our strong execution and commitment to our long-term vision. We continued to make investments that centered around areas most impacted by the changing dynamics in the industry - the growing prominence of digital, the importance of having a nimble and responsive supply chain and our ever-present commitment to driving consumer engagement. We encouraged our associates to be forward-thinking, with a focus on adapting to the evolving consumer environment, enhancing our brands and their competitive positioning across product lines and geographies, and better aligning our business to make it easier to initiate and effect change," Chirico added.
The company projects that 2018 earnings per share on a GAAP basis will be in a range of $8.76 to $8.86 compared to $6.84 in 2017. It is expected that 2018 earnings per share on a non-GAAP basis will be in a range of $9.00 to $9.10 compared to $7.94 in 2017. Both projections include the expected positive impact of approximately $0.35 per share related to foreign currency translation.
Revenue in 2018 is projected to increase approximately 7 per cent (increase approximately 4 per cent on a constant currency basis) as compared to 2017. For 2018 first quarter, revenue is likely to increase approximately 15 per cent (increase approximately 9 per cent on a constant currency basis) compared to the prior year period.
Net interest expense in 2018 is projected to decrease to approximately $120 million from $122 million in 2017. The company estimates that the 2018 effective tax rate will be in a range of 14.5-15.5 per cent, which includes the estimated impact of the tax legislation.
"We believe that the incredible brand power behind Tommy Hilfiger and Calvin Klein positions us well in the marketplace against our competition and will drive continued momentum, as reflected in our 2018 outlook. While we, like many other global consumer companies, will continue to face geopolitical headwinds, the power of our brands, our businesses and, most importantly, our people should drive our company forward," Chirico concluded. (RR)
Fibre2Fashion News Desk – India
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