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Tommy Hilfiger quarterly profit drops, US wholesale business growth disappoints

27
Dec '05
Fashion conglomerate Tommy Hilfiger Corporation has agreed to be taken over by British investors just before Christmas, struggling to maintain its ailing US wholesale business growth.

The Hong Kong-based company reported a 4.8 percent fall in sales to $821.7 million (€693.2 million) for the first half ended 30 September 2005, highly disappointed with 33.3 percent slump in US wholesale sales to $235.1 million, after declaring an agreement to sell to Apax Partners for $1.6 billion.

International wholesale business performed strongly with sales rose 15.2 percent to $279.6 million, and also retail sales reported strong double-digit growth with sales rising 14.8 percent to $267.6 million in the half.

Domestic wholesale business for the second quarter turned out to be worst as sales declined 36.9 percent to $119.3 million. On the other hand, international wholesale and retail sales also slowed with growth of 10.2 percent and 12.4 percent respectively.

In the second quarter, net profit dropped 8.8 percent to $54.9 million, but rose slightly from $51.5 million to $52.2 million in the first half.

Meanwhile, clothing and footwear retailer Phillips-Van Heusen Corporation (PVH) stated it is in talks with Apax to find ways of cooperating on the deal in the US.

Apax and PVH had already worked together to acquire US fashion house Calvin Klein in late 2002.


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