Q3FY17 GAAP EBIT drops 22% at PVH Corp
December 03, 2016 - United States Of America
Earnings before interest and taxes (EBIT) on a GAAP basis for the three months ended October 30, 2016, at apparel marketer PVH Corp dropped 22 per cent to $198 million compared to $254 million in the prior fiscal’s third quarter. The steep decline was attributed to an increase of $43 million in net costs, which was spent on several initiatives.
For the third quarter of fiscal 2017, total revenue at PVH Corp rose 4 per cent year over year to $2,123.4 million, of which sales in the Calvin Klein business grew 9 per cent to $891 million, in the Tommy Hilfiger business by 4 per cent to $927 million and in the Heritage Brands business, declined 8 per cent to $426 million.
GAAP earnings per share for the reporting quarter were $1.56 compared to guidance of $2.30 to $2.35, while non-GAAP earnings per share amounted to $2.60, which exceeded guidance of $2.35 to $2.40. (AR)