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'Business remains challenging' – PVH Chairman, CEO
20 May '09
5 min read
Full Year Guidance
Given the Company's first quarter results, the Company is revising its earnings guidance by raising the low end of the full year range. The Company is currently projecting 2009 earnings per share to be in a range of $2.05 to $2.30 on a non-GAAP basis, which excludes approximately $10 million of pre-tax costs associated with the Company's restructuring initiatives.
Given the continued uncertainty about the economic environment, however, the Company believes it is prudent to maintain the top end of the guidance range at its prior level. On a GAAP basis, the Company is currently projecting its 2009 earnings per share to be in a range of $1.93 to $2.18.
Total revenue for 2009 continues to be projected in a range of $2.30 billion to $2.33 billion, a decrease of approximately 3% to 4% from the Company's 2008 revenue on a non-GAAP basis of $2.40 billion, which excludes approximately $95 million of revenue associated with the Company's exited Geoffrey Beene outlet retail division. On a GAAP basis, 2009 revenue is currently projected to decrease approximately 7% to 8% from 2008.
The Company is currently projecting Calvin Klein royalty revenue to be relatively flat in 2009, as anticipated full year global licensee royalty growth of 4% on a constant currency basis is expected to be offset by a negative full year impact of $9 million to $12 million from a stronger U.S. dollar. Combined revenue of the Company's wholesale and retail businesses is currently projected to decrease 3% to 4% in 2009 compared to the prior year amount on a non-GAAP basis, which excludes approximately $95 million of revenue associated with the Company's exited Geoffrey Beene outlet retail division.
The percentage decrease in combined revenue of the Company's wholesale and retail businesses on a GAAP basis is estimated to be in a range of 8% to 9%. These sales declines are net of approximately $35 million of sales attributable to 2008 and 2009 Calvin Klein store openings, the latter principally related to the conversion of a limited number of Geoffrey Beene outlet retail store locations. The Company's retail businesses are currently estimating 2009 comparable store sales declines of 6% to 7%.
Second Quarter Guidance
For the second quarter of 2009, earnings per share is currently expected to be $0.35 to $0.45 on a non-GAAP basis, which excludes approximately $5 million of pre-tax costs associated with the Company's restructuring initiatives. GAAP earnings per share for the second quarter currently is expected to be $0.29 to $0.39.
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Given the Company's first quarter results, the Company is revising its earnings guidance by raising the low end of the full year range. The Company is currently projecting 2009 earnings per share to be in a range of $2.05 to $2.30 on a non-GAAP basis, which excludes approximately $10 million of pre-tax costs associated with the Company's restructuring initiatives.
Given the continued uncertainty about the economic environment, however, the Company believes it is prudent to maintain the top end of the guidance range at its prior level. On a GAAP basis, the Company is currently projecting its 2009 earnings per share to be in a range of $1.93 to $2.18.
Total revenue for 2009 continues to be projected in a range of $2.30 billion to $2.33 billion, a decrease of approximately 3% to 4% from the Company's 2008 revenue on a non-GAAP basis of $2.40 billion, which excludes approximately $95 million of revenue associated with the Company's exited Geoffrey Beene outlet retail division. On a GAAP basis, 2009 revenue is currently projected to decrease approximately 7% to 8% from 2008.
The Company is currently projecting Calvin Klein royalty revenue to be relatively flat in 2009, as anticipated full year global licensee royalty growth of 4% on a constant currency basis is expected to be offset by a negative full year impact of $9 million to $12 million from a stronger U.S. dollar. Combined revenue of the Company's wholesale and retail businesses is currently projected to decrease 3% to 4% in 2009 compared to the prior year amount on a non-GAAP basis, which excludes approximately $95 million of revenue associated with the Company's exited Geoffrey Beene outlet retail division.
The percentage decrease in combined revenue of the Company's wholesale and retail businesses on a GAAP basis is estimated to be in a range of 8% to 9%. These sales declines are net of approximately $35 million of sales attributable to 2008 and 2009 Calvin Klein store openings, the latter principally related to the conversion of a limited number of Geoffrey Beene outlet retail store locations. The Company's retail businesses are currently estimating 2009 comparable store sales declines of 6% to 7%.
Second Quarter Guidance
For the second quarter of 2009, earnings per share is currently expected to be $0.35 to $0.45 on a non-GAAP basis, which excludes approximately $5 million of pre-tax costs associated with the Company's restructuring initiatives. GAAP earnings per share for the second quarter currently is expected to be $0.29 to $0.39.
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Phillips-Van Heusen Corporation
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