PVH, one of the world’s largest apparel companies, owns and markets the iconic Calvin Klein and Tommy Hilfiger brands worldwide. PVH is the world’s largest shirt and neckwear company and markets a variety of goods under its own brands, Van Heusen, Calvin Klein, Tommy Hilfiger, IZOD, ARROW, Bass and G.H. Bass & Co., and its licensed brands, including Geoffrey Beene, Kenneth Cole New York, Kenneth Cole Reaction, MICHAEL Michael Kors, Sean John, Chaps, Trump, JOE Joseph Abboud, DKNY and Timberland.
PVH reported 2010 fourth quarter and full year results:
PVH's Fourth Quarter of 2010 Results:
- Earnings per share was $0.93 on a non-GAAP basis, which exceeded the Company’s guidance and the consensus estimate and represents an increase of 52% compared to the prior year’s fourth quarter non-GAAP earnings per share of $0.61.
- GAAP earnings per share was $0.72, which exceeded the Company’s guidance and represents a 41% increase compared to the prior year’s fourth quarter GAAP earnings per share of $0.51.
- Revenue was $1,398.1 million as compared to the prior year’s fourth quarter revenue of $614.6 million. The revenue increase of $783.5 million is attributable to (i) $704.7 million of revenue generated by the Company’s Tommy Hilfiger business; and (ii) a combined increase of $78.9 million, or 13%, in the revenue of the Company’s Calvin Klein and Heritage Brands businesses.
- The effective tax rate was 26.0% on a non-GAAP basis and 2.8% on a GAAP basis.
PVH's Full Year 2010 Consolidated Results:
- Earnings per share on a non-GAAP basis was $4.26 for the current year, as compared to non-GAAP earnings per share of $2.83 in the prior year.
- GAAP earnings per share was $0.80, as compared to $3.08 in the prior year.
- Revenue was $4,636.8 million, which represents an increase of $2,238.1 million over the prior year’s amount of $2,398.7 million. The Tommy Hilfiger business contributed $1,945.2 million of this increase.
- Calvin Klein royalty revenue increased 12%, due to growth across virtually all product categories, and combined sales of the Company’s Calvin Klein wholesale and retail businesses increased 19%.
- Revenue for the Heritage Brands business increased 10%, due to growth in both the wholesale and retail divisions.
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