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PVH Corp. Reports 2012 Third Quarter Results

PVH Corp. [NYSE: PVH] reported 2012 third quarter and year to date results and updated its guidance for the full year.

Non-GAAP Amounts:

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 Third Quarter Results:
  • Earnings per share was $2.34 on a non-GAAP basis, which exceeded the Company’s guidance and represents a 24% increase over the prior year period’s non-GAAP earnings per share of $1.89.
  • GAAP earnings per share was $2.24 and represents a 45% increase over the prior year period’s GAAP earnings per share of $1.54.
  • Revenue of $1.643 billion decreased 1% as compared to the prior year period due to a 5% negative impact attributable to the exit from the Izod women’s and Timberland wholesale sportswear businesses (worth approximately $50 million) and foreign currency translation (worth approximately $40 million). On a constant currency basis and excluding the impact of exited businesses, revenue increased 4%.
  • Operating margin on a non-GAAP basis increased 150 basis points due to a 260 basis point gross margin increase, driven by the higher-margin Calvin Klein and Tommy Hilfiger businesses growing faster, combined with higher average unit retail selling prices and decreased product costs across the Company’s businesses. GAAP operating margin increased 260 basis points.

Third Quarter Business Review:

Tommy Hilfiger

Revenue in the Tommy Hilfiger business increased 1% to $833.6 million from $826.6 million in the prior year’s third quarter, including a negative impact of approximately $40 million, or 5%, related to foreign currency translation. On a constant currency basis, Tommy Hilfiger revenue increased 6%. Within the Tommy Hilfiger North America business, revenue increased 8%, principally driven by retail comparable store sales growth of 9%. Revenue in the Tommy Hilfiger International business decreased 4%, due to a negative impact of 8% related to foreign currency translation. On a constant currency basis, revenue for the Tommy Hilfiger International business increased 4%, driven by European retail comparable store sales growth of 14%, partially offset by continued weakness in Japan, where the Company is currently in the process of strategically repositioning and investing in the brand.

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