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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.


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