PVH Corp. [NYSE:PVH] reported 2013 fourth quarter and full year results.
The discussions of 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 on a non-GAAP basis was $1.43, which exceeded the Company’s guidance of $1.40, as compared to $1.60 in the prior year’s fourth quarter.
- GAAP loss per share was $(0.46) as compared to the prior year’s fourth quarter earnings per share of $1.09.
- Revenue increased 25% to $2.052 billion, as compared to $1.636 billion in the prior year’s fourth quarter. The increase over the prior year was principally driven by the addition of approximately $479 million of revenue related to the acquired Warnaco businesses, net of the reduction in licensing revenue attributable to Warnaco. Also contributing to the increase was revenue growth of $18 million, or 2%, in the Company’s Tommy Hilfiger and pre-acquisition Calvin Klein businesses. Partially offsetting these increases was a revenue decline of $81 million, or 19%, in the Company’s pre-acquisition Heritage Brands businesses, of which $75 million was lost revenue resulting from the sale of the G.H. Bass & Co. business on the first day of the quarter.
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