PVH (PVH) Boosts Q4, FY11 Guidance, Issues Inline FY12 Outlook
Tweet
Share
E-mail
Get Alerts PVH Hot Sheet
Price: $78.50 +3.17%
Revenue Growth %: -3.7%
Financial Fact:
Gross profit: 1.19B
Today's EPS Names:
BTTX, VAXX, ELYS, More
Revenue Growth %: -3.7%
Financial Fact:
Gross profit: 1.19B
Today's EPS Names:
BTTX, VAXX, ELYS, More
Join SI Premium – FREE
Shares of PVH Corp. (NYSE: PVH) are down more than 4 percent in Wednesday's post-market session despite seemingly strong fourth-quarter, FY11 and FY12 guidance.
The apparel company boosted its fourth-quarter earnings outlook from $1.03-$1.05 per share to $1.08-$1.10 per share, which compares to the Street estimate of $1.07. Expects quarterly same-store sales at Calvin Klein up 15 percent from the same quarter last year, up 12 percent at Tommy Hilfiger NA, 12 percent at Tommy Hilfiger International and 4 percent at Heritage.
FY11 pro-forma EPS guidance moved from $5.23-$5.25 to $5.28-$5.30, versus the analyst consensus of $5.26.
The company said the new outlook reflects the continuation of strong performance in the Calvin Klein and Tommy Hilfiger businesses, which was partially offset by softness in the Heritage Brands sportswear businesses.
PVH sees FY12 non-GAAP EPS in the range of $5.90-$6, mostly inline with the current Street estimate of $5.97.
PVH expects the FY12 estimate to be negatively impacted by approximately $0.25 per share as compared to 2011 estimates due to projected differences in 2012 foreign currency translation (principally related to an expected weaker Euro to United States dollar exchange rate as compared to 2011). Pension expense is expected to increase for the full year 2012 as compared to 2011 by approximately $0.15 per share, due in large part to a decrease in discount rates. Advertising spending for the full year 2012 is expected to approximate 2011 levels. Anticipated debt payments of approximately $300 million in 2012, combined with debt payments made during 2011, are expected to result in a decrease to net interest expense of approximately $0.10 per share as compared to 2011. The effective income tax rate for the full year 2012 is expected to decrease to approximately 25.5%, which would generate an improvement on a non-GAAP basis of approximately $0.25 per share as compared to 2011.
The apparel company boosted its fourth-quarter earnings outlook from $1.03-$1.05 per share to $1.08-$1.10 per share, which compares to the Street estimate of $1.07. Expects quarterly same-store sales at Calvin Klein up 15 percent from the same quarter last year, up 12 percent at Tommy Hilfiger NA, 12 percent at Tommy Hilfiger International and 4 percent at Heritage.
FY11 pro-forma EPS guidance moved from $5.23-$5.25 to $5.28-$5.30, versus the analyst consensus of $5.26.
The company said the new outlook reflects the continuation of strong performance in the Calvin Klein and Tommy Hilfiger businesses, which was partially offset by softness in the Heritage Brands sportswear businesses.
PVH sees FY12 non-GAAP EPS in the range of $5.90-$6, mostly inline with the current Street estimate of $5.97.
PVH expects the FY12 estimate to be negatively impacted by approximately $0.25 per share as compared to 2011 estimates due to projected differences in 2012 foreign currency translation (principally related to an expected weaker Euro to United States dollar exchange rate as compared to 2011). Pension expense is expected to increase for the full year 2012 as compared to 2011 by approximately $0.15 per share, due in large part to a decrease in discount rates. Advertising spending for the full year 2012 is expected to approximate 2011 levels. Anticipated debt payments of approximately $300 million in 2012, combined with debt payments made during 2011, are expected to result in a decrease to net interest expense of approximately $0.10 per share as compared to 2011. The effective income tax rate for the full year 2012 is expected to decrease to approximately 25.5%, which would generate an improvement on a non-GAAP basis of approximately $0.25 per share as compared to 2011.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Walmart (WMT) PT Lowered to $130 at UBS on Investment Narrative's Competing Dynamics
- Is the global equity rally broadening? UBS weighs in
- Intchains Group Ltd (ICG) PT Lowered to $2 at Benchmark Following 1H Results
Create E-mail Alert Related Categories
GuidanceRelated Entities
EarningsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
