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'We are extremely pleased with Q2 results' – PVH CEO

20
Aug '09
Phillips-Van Heusen Corporation reported 2009 second quarter and year to date results.

For the second quarter of 2009:

•Earnings per share was $0.60 on a non-GAAP basis, which exceeded the high end of the Company's guidance and the consensus estimate. GAAP earnings per share was $0.51. The prior year's second quarter earnings per share was $0.66 on a non-GAAP basis and $0.56 on a GAAP basis.
•Revenue was $529.3 million, which exceeded the high end of the Company's guidance. This amount decreased 1% compared to the prior year's second quarter revenue on a non-GAAP basis of $535.0 million, which excludes $25.9 million of revenue associated with the Company's exited Geoffrey Beene outlet retail division. On a GAAP basis, revenue decreased 6% from $561.0 million.
•The Company's wholesale and retail revenue was up slightly over the prior year's non-GAAP amount. All of the Company's wholesale and retail divisions performed better than planned, particularly the Company's wholesale and retail sportswear businesses. Comparable store sales of the Company's retail divisions declined 3% for the second quarter, a significant improvement from the first quarter's decline of 8%. Calvin Klein royalty revenue decreased 6% for the second quarter, which includes a $1.6 million negative impact from a stronger U.S. dollar. On a constant exchange rate basis, Calvin Klein royalty revenue decreased 3%.

On a GAAP basis, the Company's earnings before interest and taxes decreased 6% to $51.4 million from $54.5 million in the prior year. On a non-GAAP basis, earnings before interest and taxes was $57.7 million in 2009, or a decrease of 9% from the prior year's $63.2 million. This decrease was primarily due to a $2.9 million decrease in the Calvin Klein licensing business resulting in part from the $1.6 million exchange rate impact noted above, and a $2.9 million decrease in the Company's wholesale and retail businesses due to a moderate reduction in gross margin versus the prior year.

For the six months of 2009:

1.Earnings per share was $1.13 on a non-GAAP basis and $0.99 on a GAAP basis. For the prior year's six month period, earnings per share was $1.55 on a non-GAAP basis and $1.45 on a GAAP basis.
2.Revenue was $1,086.7 million. This amount represents a 4% decrease compared to revenue on a non-GAAP basis of $1,136.9 million for the prior year's six month period, which excludes $49.8 million of revenue associated with the Company's exited Geoffrey Beene outlet retail division. On a GAAP basis, revenue decreased 8% from $1,186.7 million.
3.Calvin Klein royalty revenue decreased 3% entirely due to a $5.1 million impact of a stronger U.S. dollar. On a constant exchange rate basis, Calvin Klein royalty revenue increased 2%.

The Company ended the second quarter with $369.6 million in cash, an increase of $109.1 million from the prior year's second quarter. Receivables and inventories ended the quarter down 8% and 7%, respectively, from the prior year balances and reflect the Company's continued focus on managing working capital.


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