PVH Corp. (PVH) Tops Q1 EPS by 56c; Issues Q2 EPS, Revs Outlook
(Updated - June 12, 2013 4:14 PM EDT)
PVH Corp. (NYSE: PVH) reported Q1 EPS of $1.91, $0.56 better than the analyst estimate of $1.35. Revenue for the quarter came in at $1.94 billion versus the consensus estimate of $1.91 billion.
Revs improved 36 percent while adjusted EPS rose from $1.33 in the same period last year.
Revenue on a non-GAAP basis in the Calvin Klein business increased to $638 million from $262 million in the prior year’s first quarter. $361 million of the increase in revenue was due to the Warnaco acquisition and is net of the reduction in licensing revenue attributable to Warnaco for the prior year. Comps rose 4 percent for the North America Calvin Klein unit.
Tommy Hilfiger revs improved 5 percent to $811 with comps improving 5 percent.
Heritage Brands saw a 24 percent jump in revs to $491 million.
Earnings before interest and taxes on a non-GAAP basis increased 51% to $241 million from $159 million in the prior year’s first quarter due in large part to the positive impact of the acquired Warnaco businesses.
"During the first quarter, we began to make the necessary investments to rebuild Warnaco’s Calvin Klein jeanswear and underwear businesses, which will allow us to capitalize on their long-term growth opportunities," commented CEO Emanuel Chirico. "We are committed to successfully executing on our previously announced initiatives, which include our focus on upgrading the quality and product design of Calvin Klein jeanswear, investing in marketing and merchandising, reducing excess inventory levels, and restructuring the sales distribution mix for these businesses in Europe and North America. Additionally, significant steps are being taken to enhance the existing operating infrastructure and fill key positions across the organization. The impact of these initiatives will result in a more pronounced increase in expenses in the second half of the year. Taking into account all of these initiatives and that we are only four months into our acquisition, we believe it is prudent to hold our full year non-GAAP earnings guidance at $7.00."
Sees Q213 EPS of $1.35, versus the consensus of $1.35. Also sees Q213 revenue of $1.9 billion, versus the consensus of $1.84 billion. The Company currently projects that second quarter 2013 interest expense will be approximately $50 million and that the 2013 second quarter tax rate will be approximately 30.0 percent to 31.0 percent.
For earnings history and earnings-related data on PVH Corp. (PVH) click here.
PVH Corp. (NYSE: PVH) reported Q1 EPS of $1.91, $0.56 better than the analyst estimate of $1.35. Revenue for the quarter came in at $1.94 billion versus the consensus estimate of $1.91 billion.
Revs improved 36 percent while adjusted EPS rose from $1.33 in the same period last year.
Revenue on a non-GAAP basis in the Calvin Klein business increased to $638 million from $262 million in the prior year’s first quarter. $361 million of the increase in revenue was due to the Warnaco acquisition and is net of the reduction in licensing revenue attributable to Warnaco for the prior year. Comps rose 4 percent for the North America Calvin Klein unit.
Tommy Hilfiger revs improved 5 percent to $811 with comps improving 5 percent.
Heritage Brands saw a 24 percent jump in revs to $491 million.
Earnings before interest and taxes on a non-GAAP basis increased 51% to $241 million from $159 million in the prior year’s first quarter due in large part to the positive impact of the acquired Warnaco businesses.
"During the first quarter, we began to make the necessary investments to rebuild Warnaco’s Calvin Klein jeanswear and underwear businesses, which will allow us to capitalize on their long-term growth opportunities," commented CEO Emanuel Chirico. "We are committed to successfully executing on our previously announced initiatives, which include our focus on upgrading the quality and product design of Calvin Klein jeanswear, investing in marketing and merchandising, reducing excess inventory levels, and restructuring the sales distribution mix for these businesses in Europe and North America. Additionally, significant steps are being taken to enhance the existing operating infrastructure and fill key positions across the organization. The impact of these initiatives will result in a more pronounced increase in expenses in the second half of the year. Taking into account all of these initiatives and that we are only four months into our acquisition, we believe it is prudent to hold our full year non-GAAP earnings guidance at $7.00."
Sees Q213 EPS of $1.35, versus the consensus of $1.35. Also sees Q213 revenue of $1.9 billion, versus the consensus of $1.84 billion. The Company currently projects that second quarter 2013 interest expense will be approximately $50 million and that the 2013 second quarter tax rate will be approximately 30.0 percent to 31.0 percent.
For earnings history and earnings-related data on PVH Corp. (PVH) click here.