Tommy Hilfiger's Revenue Falls, but It Beats Expectations
Margo Hill
02/01/01 - 07:57 AM EST
| Earnings Scorecard |
| Actual | Estimated* | Year-Ago |
| $0.47 | $0.45 | $0.62
|
 |
Tommy Hilfiger(TOM) posted third-quarter earnings that surpassed analyst expectations by 2 cents a share, but fell from a year ago.
Retail sales in general have been hurting, and Tommy Hilfiger wasn't immune. The apparel maker earned $42.7 million, or 47 cents a share, down from $59.1 million, or 62 cents a share, a year ago. Fifteen analysts' polled by earnings tracker
First Call/Thomson Financial expected earnings of 45 cents a share.
But revenue for the quarter dipped to $475.8 million from $521.2 million last year.
For 2002, the company said it expects income and earnings per share to increase in the "low double-digit percentage range" over 2001 estimates. Analysts, on average, are calling for 2001 earnings to be $1.37 a share and 2002 earnings of $1.53, significantly lower than 2000 earnings that came in at $2.18 a share.
Tommy Hilfiger projected that its revenue next year would be only flat or slightly higher than revenue in 2001. First Call analysts expect revenues of $1.99 billion in 2002 and $1.89 billion in 2001, compared with revenue of $1.98 billion in 2000.
Shares of the company closed at $14.20 in Wednesday trading on the New York Stock Exchange
.
