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PVH revenue up 13% in Q2FY18

31
Aug '18
Courtesy: PVH Corporation/ Calvin Klein
Courtesy: PVH Corporation/ Calvin Klein
The second quarter revenue of PVH Corp has increased 13 per cent (increased 11 per cent on a constant currency basis) compared to the prior year period and exceeded guidance. The revenue for the first six months of fiscal 2018 also climbed 15 per cent to $4.6 billion (increased 11 per cent on a constant currency basis) compared to the prior year period.

Earnings per share on a Gaap basis was $2.12 for the second quarter of fiscal 2018 compared to $1.52 in the prior year period. On a non-Gaap basis, earnings per share were $2.18 for the second quarter of 2018 compared to $1.69 in the prior year period. Earnings per share on both a Gaap and non-Gaap basis for the second quarter of 2018 included a $0.03 positive impact related to foreign currency translation.

For the first six months of 2018, earnings per share on a GAAP basis was $4.42 compared to $2.41 in the prior year period. On a non-Gaap basis, it was $4.55 compared to $3.34 in the prior year period. Earnings per share on both a GAAP and non-GAAP basis for the first six months of 2018 included a $0.23 positive impact related to foreign currency translation.

"Our better than expected second quarter revenue and earnings reflected continued broad-based strength across our businesses and further underscored the momentum in our global designer lifestyle brands, Calvin Klein and Tommy Hilfiger, and the power of our diversified business model," said Emanuel Chirico, chairman and chief executive officer, said.

In the second quarter, net interest expense of $29 million was relatively flat as compared to the prior year period. The effective tax rate on a Gaap basis was 18.6 per cent as compared to 20.8 per cent in the prior year period. The effective tax rate on a non-Gaap basis was 18.8 per cent as compared to 21.9 per cent in the prior year period.

"We are increasingly evolving our business model and investing across our brands, our people and our platforms, while finding innovative ways to engage consumers. We have made great progress in enhancing our consumer insights capabilities, increasing our efforts around online and offline consumer experiences, and driving engagement with the next generation of consumers. As we execute on our strategic priorities, we believe that we can continue to grow our global footprint, while delivering a sustainable trajectory of long-term growth and stockholder value creation," added Chirico.

Revenue in the second half of 2018 will be negatively impacted compared to the prior year period as a result of an additional week of revenue (a 53rd week) in 2017. The total negative impact in the second half of 2018 compared to the prior year period is approximately $150 million.  

"We are increasing our revenue and earnings guidance for the year, while continuing to take a prudent approach to planning our business in the second half of the year, as we experience increasing macroeconomic and geopolitical volatility around the world," Chirico concluded. (RR)

Fibre2Fashion News Desk – India


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