For the reported period, revenue in the Calvin Klein business 6 per cent to $943 million, while Heritage Brands revenue fell down to 7 per cent to $396 million. Revenue in the Tommy Hilfiger business for the quarter increased 10 per cent to $1.0 billion (increased 7 per cent on a constant currency basis) compared to the prior year period.
Earnings per share on a GAAP basis was $3.05 for the third quarter of 2017 compared to $1.56 in the prior year period. The prior year period included the pre-tax non cash loss of $77 million. On a non-GAAP basis, the earnings per share was $3.02 for the reported period compared to $2.60 in the prior year period. Earnings per share on both a GAAP and non-GAAP basis for the third quarter of 2017 included a $0.03 negative impact related to foreign currency exchange rates.
"We are very pleased with the strong performance in the third quarter, which exceeded our expectations despite the multiple natural disasters that negatively impacted our North America businesses. We continue to over-deliver against our 2017 plan, even with the additional marketing investments we have made, driven in large part by the continued momentum across our Calvin Klein International and Tommy Hilfiger businesses and ongoing operating efficiencies across our diversified business model. In today’s ever-changing global consumer environment, we continue to actively adapt our businesses, invest across our organisation and find innovative ways to engage consumers, as our recent brand announcements demonstrate," said Emanuel Chirico, chairman and chief executive officer.
The company’s revenue in the fourth quarter of 2017 is projected to increase approximately 11 per cent (increase approximately 8 per cent on a constant currency basis) compared to the prior year period. Fourth quarter 2017 earnings per share on a GAAP basis is projected to be in a range of $1.35 to $1.37 compared to $1.26 in the prior year period.
For 2017, revenue is expected to climb 7 per cent (increase approximately 6 per cent on a constant currency basis) as compared to 2016. It is expected that the earnings per share on a GAAP basis will be between $6.80 to $6.82 compared to $6.79 in 2016.
"We have raised our full year earnings outlook based on our third quarter outperformance, the improvement in foreign currency and our belief that the strength of our brands will continue to drive revenue and profitability increases throughout the fourth quarter. Our more favourable outlook takes into account a strong start to the holiday season and an additional $20 million increase in our fourth quarter marketing expenditures to capitalise on the continued momentum we are seeing across our businesses," Chirico continued.
"We believe that the incredible brand power behind Calvin Klein and Tommy Hilfiger will drive continued market share gains and allow us to capitalize on the brands’ significant growth opportunities going forward. We believe that we are well positioned to execute our strategic priorities through the efforts of the talented associates at PVH, enabling us to deliver long-term stockholder value," Chirico concluded. (RR)
Fibre2Fashion News Desk – India
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