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PVH Corp. Reports 2013 Fourth Quarter And Full Year Results And Announces 2014 Outlook

PVH Corp. [NYSE:PVH] reported 2013 fourth quarter and full year results.

Non-GAAP Amounts:

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.

CEO Comments:

Emanuel Chirico, Chairman and Chief Executive Officer, noted, “2013 was a transformational year for PVH, beginning with the February 2013 Warnaco acquisition, followed by the sale of our Bass retail business in November 2013. We believe that these strategic actions will strengthen our company over the long-term and position us to deliver improved financial returns, as we focus our efforts on our higher margin businesses.”

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