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PVH Corp. Reports 2012 Third Quarter Results

Fourth Quarter Guidance

Fourth quarter revenue in 2012 is currently projected to increase 4% to 5% as compared to the prior year’s fourth quarter amount of $1.533 billion. On a constant currency basis and excluding the impact of the exited businesses, fourth quarter revenue in 2012 is projected to increase 7% to 8%. Foreign currency translation is expected to have a negative revenue impact of approximately $20 million, or 1%, while the exit from the Izod women’s and Timberland wholesale sportswear businesses is expected to reduce revenue by approximately $30 million, or 2%, for a total decrease in revenue of approximately 3% related to these items.

Revenue for the Tommy Hilfiger business is expected to increase approximately 5% as compared to the fourth quarter of 2011, which includes a negative impact of approximately 2% related to foreign currency translation. Revenue for the Calvin Klein business is expected to grow approximately 10% as compared to the fourth quarter of 2011. Revenue for the Heritage Brands business is expected to be relatively flat as compared to the fourth quarter of 2011, inclusive of a 7% negative impact related to the exited sportswear businesses.

On a non-GAAP basis, earnings per share for the fourth quarter is currently projected to be in the range of $1.48 to $1.49, including the negative impact Hurricane Sandy had on business in the first half of November. This represents an increase of 25% to 26% over $1.18 in the prior year’s fourth quarter. The Company does not expect that foreign currency translation will have a material impact on earnings in the fourth quarter as compared to the prior year. The Company currently estimates that the fourth quarter 2012 effective tax rate will be approximately 22.0%, which reflects the timing of certain discrete tax benefits moving out of the fourth quarter and into the third quarter, as previously mentioned.

Stock quotes in this article: PVH 

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