US: PVH posts fourth-quarter net income jump
- Fourth-quarter net profit increased 55.6% to $81.2m
- Revenue increased 10% to $815.8m
- Full-year net profit jumped to $317.9m
- Revenue rose 27% to $5.90bn
The company announced yesterday (27 March) that net profit jumped 55.6% to US$81.2m. Consolidated revenue increased 10% to $1.53bn. Tommy Hilfiger recorded a 16% jump in sales to reach $815.8m, while Calvin Klein recorded 12% growth to US$278.5m.
Retail comparable stores grew 18% at Calvin Klein, while Tommy Hilfiger saw 15% growth in North America and 16% internationally.
"During a year of tremendous volatility in the markets and significant product cost pressures impacting the industry, we are extremely pleased with our 2011 results, led by our global Calvin Klein and Tommy Hilfiger businesses. Our Calvin Klein and Tommy Hilfiger businesses continued to demonstrate their power and ability to drive double-digit growth both domestically and internationally, and today represent approximately three quarters of our business," said chairman and CEO Emanuel Chirico.
"We have focused on the global growth of our Calvin Klein and Tommy Hilfiger businesses in 2011. We are excited about the continued execution of these growth strategies. Notably, we are looking forward to the potential opportunities presented by bringing the Tommy Hilfiger European men's tailored apparel business in-house and developing the joint ventures we've established for Tommy Hilfiger in China and India.
Over the full-year, net income jumped to $317.9m, up on the $53.8m it reported in 2010. Full-year revenue increased 27% to $5.90bn.
The company is forecasting revenue to be flat to increase 2% as it expects to be hit by foreign currency fluctuations and its exit from the Timberland and Izod businesses. On a constant currency basis, it is projecting that revenue will increase 4-6%.
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