PVH total revenues in Q1 2006 improves 7% to $506.4mn
24 May '06
3 min read
Phillips-Van Heusen Corporation (PVH) reported first quarter 2006 results. In the discussion that follows, non-GAAP earnings exclude certain items, which are described under the heading "Non-GAAP Exclusions."
GAAP Earnings Per Share First quarter 2006 GAAP net income was $48.7 million, or $0.87 per share, which was 89 percent ahead of 2005 GAAP net income of $25.0 million, or $0.46 per share.
Non-GAAP Earnings Per Share First quarter 2006 non-GAAP earnings per share was $0.74, which was $0.01 to $0.02 ahead of the updated earnings guidance provided on April 28, 2006 and was a 76 percent improvement over first quarter 2005 non-GAAP earnings per share of $0.42.
The earnings per share improvement over the prior year was driven by strong performance across all of the Company's operating segments. Aggregate operating earnings for the Company's wholesale and retail businesses increased 62 percent as strong product sell-throughs yielded more full priced selling and significant increases in gross margin.
The Calvin Klein Licensing business recorded a 10 percent increase in operating earnings over the prior year due to continued growth from existing and new licensees, with particular strength coming from fragrances.
Revenues Total revenues in the first quarter 2006 increased 7 percent to $506.4 million from $472.1 million in the prior year, driven by a double digit increase in the Company's wholesale sportswear business and significant improvement in the Company's outlet retail business.
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
