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PVH Corp. Reports 2012 Third Quarter Results

This press release includes, and the conference call/webcast will include, certain non-GAAP financial measures, as defined under SEC rules. A reconciliation of these measures is included in the financial information later in this release, as well as in the Company’s Current Report on Form 8-K furnished to the SEC in connection with this earnings release, which is available on the Company’s website at www.pvh.com and on the SEC’s website at www.sec.gov.

The Company does not undertake any obligation to update publicly any forward-looking statement, including, without limitation, any estimate regarding revenue or earnings, whether as a result of the receipt of new information, future events or otherwise.

               

PVH CORP.

Consolidated GAAP Income Statements

(In thousands, except per share data)

 
 
Quarter Ended Nine Months Ended
10/28/12 10/30/11 10/28/12 10/30/11
 
Net sales $ 1,501,442 $ 1,517,494 $ 4,033,911 $ 4,002,210
Royalty revenue 103,944 102,541 271,917 261,552
Advertising and other revenue 37,384 34,125 100,971 94,026
Total revenue $ 1,642,770 $ 1,654,160 $ 4,406,799 $ 4,357,788
 
Gross profit on net sales $ 727,756 $ 692,302 $ 1,995,686 $ 1,926,101
Gross profit on royalty, advertising and other revenue 141,328 136,666 372,888 355,578
Total gross profit 869,084 828,968 2,368,574 2,281,679
 
Selling, general and administrative expenses 634,854 632,982 1,834,288 1,815,537
 
Debt modification costs 16,233
 
Equity in income of unconsolidated affiliates 3,193 856   5,043 856
 
Earnings before interest and taxes 237,423 196,842 539,329 450,765
 
Interest expense, net 28,284 31,542   85,883 96,058
 
Pre-tax income 209,139 165,300 453,446 354,707
 
Income tax expense 43,730 53,061   107,221 118,072
 
Net income $ 165,409 $ 112,239   $ 346,225 $ 236,635
 
Diluted net income per common share (1) $ 2.24   $ 1.54 $ 4.70 $ 3.25
 
Quarter Ended Nine Months Ended
10/28/12 10/30/11 10/28/12 10/30/11
 
Depreciation and amortization expense $ 34,752 $ 32,321 $ 102,544 $ 98,768
 

Please see following pages for information related to non-GAAP measures discussed in this release.

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