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Tommy Hilfiger predicts financial update for March ended 31, 06

11 Aug '05

4 min read

Tommy Hilfiger Corporation reported preliminary first quarter results for its fiscal year ended March 31, 2006.

Net revenue for the first quarter of fiscal 2006 was approximately $319 million compared to approximately $329 million for the first quarter of fiscal 2005. The Company's preliminary net loss for the quarter was smaller than the loss of the first fiscal quarter of the prior year.

The Company normally incurs a loss in the first fiscal quarter due to seasonal shipping and sales patterns in Europe.

As previously disclosed, the Company continues to analyze whether a restatement or other adjustments will be required in connection with the tax matters, lease accounting and other out of period adjustments described in its June 15, 2005 release.

More detailed comparative earnings information for the quarter is not available at this time. The Company expects to file its quarterly report on Form 10-Q for the first quarter ended June 30, 2005, together with its delayed Form 10-K for the fiscal year ended March 31, 2005 and Form 10-Qs for the second and third quarters of fiscal 2005, in September 2005.

In a separate press release today, the Company also announced that it had resolved the previously announced investigation by the U.S. Attorney's Office for the Southern District of New York by executing a non-prosecution agreement with the U.S. Attorney's Office.

David F. Dyer, President and Chief Executive Officer, stated, "The preliminary results for the first fiscal quarter of fiscal 2006 were slightly better than the expectations. The quarter's results reflected continued strength in Europe, with double digit revenue gains in both the wholesale and retail components."

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