Home / Knowledge / News / Fashion / Calvin Klein drives PVH Q2 performance
Calvin Klein drives PVH Q2 performance
21
Aug '08
Phillips-Van Heusen Corporation reported 2008 second quarter and year to date results.

For the second quarter of 2008:

• Earnings per share excluding the operating results and exit costs associated with the Company's Geoffrey Beene outlet retail division was $0.66, which was at the top end of the Company's previous guidance and exceeded the consensus estimate. GAAP earnings per share was $0.56. (Please see reconciliations of GAAP to non-GAAP earnings per share for 2008 later in this release.) The prior year's second quarter earnings per share was $0.68.

• The current year's second quarter includes approximately $5 million, or $0.06 per share, of start-up costs associated with new businesses.

• Total revenue increased 2% to $561.0 million from $552.4 million in the prior year's second quarter.

For the six months of 2008:
• Earnings per share excluding the operating results and exit costs associated with the Company's Geoffrey Beene outlet retail division was $1.55. GAAP earnings per share was $1.45. (Please see reconciliations of GAAP to non-GAAP earnings per share for 2008 later in this release.) For the prior year's six month period, earnings per share was $1.60.

• The current year's six months includes approximately $12 million, or $0.14 per share, of start-up costs associated with new businesses.

• Total revenue increased 4% to $1,186.7 million from $1,144.3 million in the prior year's six month period.

Second Quarter Results:
The Calvin Klein licensing business continued its strong performance during the second quarter and posted revenue and earnings growth of 30% and 47%, respectively. This performance was driven by continued growth across virtually all product categories and regions of the globe, with jeans and underwear performing exceptionally well. This growth mostly offset earnings decreases experienced by the Company's combined wholesale and retail heritage brand businesses.

Revenue in the second quarter of 2008 decreased 2% in the Company's combined wholesale and retail businesses. The Company's Calvin Klein outlet retail business continued to exhibit strong sales performance, and revenue benefited from the addition of sales associated with the new Timberland wholesale men's sportswear business and the new Calvin Klein specialty retail stores.

These increases were more than offset by decreases in the Company's heritage brand businesses, which continued to be adversely affected by the difficult macroeconomic retail environment. Total outlet retail comparable store sales in the quarter decreased 2%, with the Calvin Klein outlet retail business achieving comparable store sales growth of 9% and the heritage brand outlet retail businesses experiencing a comparable store sales decline of 5%.

Earnings in the second quarter of 2008 were negatively impacted by approximately $5 million, or $0.06 per share, of start-up costs associated with the Company's Timberland wholesale men's sportswear business and Calvin Klein specialty retail stores.


Must ReadView All

Courtesy: Asmara Group

Apparel/Garments | On 20th Sep 2018

Fragmented nature of Indian apparel sector major challenge

A major challenge for the Indian apparel sector is its fragmented...

Courtesy: Aditya Birla Retail

Apparel/Garments | On 20th Sep 2018

Indian Aditya Birla Retail to be acquired by Samara-Amazon

India’s Aditya Birla Group has signed a deal to sell Aditya Birla...

India's 2018-19 forward cotton export contract up by 100%

Textiles | On 20th Sep 2018

India's 2018-19 forward cotton export contract up by 100%

Rise in demand from China, lower domestic prices and depreciation of...

Interviews View All

Top executives, Textile & apparel bodies

Top executives
Textile & apparel bodies

The mid-term review of FTP is progressive, growth oriented

Pratik Bachkaniwala, Palod Himson Machines

Pratik Bachkaniwala
Palod Himson Machines

Fabric processing machines are picking up

Md Hanifur Rahman, Aman Group

Md Hanifur Rahman
Aman Group

The level of understanding the job role and organisational requirements...

Sugandha Bhardwaj,

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Deepprakash Agrawal,

Deepprakash Agrawal

Radhey Weaves is a Surat-based manufacturer of brocade fabrics. MD...

John Kelley,

John Kelley

Textile Events is one of the largest textile fair in the United Kingdom,...

Mary-Cathryn Kolb, Brrr°

Mary-Cathryn Kolb
Brrr°

Atlanta-based private start-up Brrr° was founded in 2014 to develop...

Luis Quijano, Liberty University

Luis Quijano
Liberty University

Focusing on bold patterns and colour palettes, Luis Quijano, a student at...

Pierre Wiertz, EDANA

Pierre Wiertz
EDANA

EDANA, the international association serving the nonwovens and related...

Sonam & Paras Modi, SVA

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Amiben Shroff, Shrujan

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

Judy Frater, Somaiya Kala Vidya

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


September 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search