PVH to shutter Geoffrey Beene stores

29 May '08

3 min read

Mr. Chirico concluded, "For the current year, the division was projected to operate at break-even to a small loss. By converting a portion of the Geoffrey Beene store portfolio to Calvin Klein outlet retail stores, we will accelerate the growth of our most productive and profitable outlet retail division and more quickly reach our desired number of Calvin Klein outlet retail stores.

The conversion of approximately 25 stores to the Calvin Klein format should result in significantly higher sales per square foot and higher operating margins in these stores, which should have a positive impact on fiscal 2009 operating results."

Earnings Guidance Impact:
The Company's previously announced 2008 earnings per share guidance was $3.32 to $3.41. The Company continues to project earnings per share in this range, excluding the costs associated with the closure of the Geoffrey Beene outlet retail division. Including these exit costs, the Company estimates its GAAP earnings per share for 2008 to be in a range of $3.03 to $3.12.

Phillips-Van Heusen Corporation

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