PVH Corp. (NYSE: PVH) reported 2011 fourth quarter and full year results.
The discussions of historical results in this release that refer to non-GAAP amounts exclude the items which are described in this release under the heading “Non-GAAP Exclusions.” Reconciliations of GAAP to non-GAAP amounts are presented later in this release and identify and quantify all excluded items.
Overview of Fourth Quarter Results:
- Earnings per share was $1.18 on a non-GAAP basis, which exceeded the Company’s guidance and the consensus estimate and represents an increase of 27% over the prior year’s fourth quarter non-GAAP earnings per share of $0.93.
- GAAP earnings per share was $1.11, which exceeded the Company’s guidance and represents an increase of 54% as compared to the prior year’s fourth quarter GAAP earnings per share of $0.72.
- Revenue increased 10% to $1.533 billion over the prior year’s fourth quarter. The revenue increase of $134.7 million is attributable to the net effect of (i) an increase of $111.2 million, or 16%, in the Company’s Tommy Hilfiger business; (ii) an increase of $29.5 million, or 12%, in the Company’s Calvin Klein business; and (iii) a decrease of $6.0 million, or 1%, in the Company’s Heritage Brands business.
- Earnings before interest and taxes on a non-GAAP basis of $128.4 million was relatively flat to the prior year’s fourth quarter, as the Tommy Hilfiger and Calvin Klein revenue increases noted above were offset by a decrease in the Heritage Brands business due to a reduction in gross margin rates resulting from the impact of product cost increases.
- GAAP earnings before interest and taxes improved to $108.9 million from $91.8 million in the prior year’s fourth quarter, primarily due to the impact of reduced integration and restructuring charges.