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%.
German retailer Tchibo has become the second company to commit to a programme that aims to improve fire and building safety in the Bangladesh ready-made garment industry....
As information continues to emerge on the devastating fire that killed around 300 workers at a garment factory in Pakistan earlier this week, brands sourcing from the country are being urged to undert...
US footwear and apparel company The Jones Group has appointed Kathy Nedorostek to the newly-created position of group president of global footwear and accessories....
Calvin Klein, a subsidiary of apparel group PVH Corp, has revealed it will open its latest free-standing lifestyle store in Alberta, Canada next month....
Apparel group PVH Corp raised its full-year guidance on the back of better-than-expected second quarter profit growth, led by the company's Tommy Hilfiger brand....
Lingerie and activewear manufacturer Tefron has swung to a second-quarter net profit on the back of increased sales of seamless apparel....
Active wear company Lululemon Athletica is suing PVH's Calvin Klein and G-III Apparel Group over alleged trouser patent infringements. ...
- Supply chain takeaways from Sourcing at MAGIC
- Why voters don’t want more global supply chains
- Cotton supply chain transparency an ongoing issue
- Denim and athleisure top picks for back-to-school
- No simple way to be sustainable, says SAC CEO
- H&M takes action over Myanmar child labour breach
- Vietnam garment industry calls for strategy update
- US Q2 in brief - Burlington Stores, Destination XL
- Zara USA faces US$5m deceptive pricing lawsuit
- EU clothing imports from China continue to plunge
- Too Many Standards
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Under Armour, Inc. (UA) - Financial and Strategic SWOT Analysis Review
- Central America strategic sourcing review - a focus on Guatemala, El Salvador and Honduras
- Myanmar's Garment Sector in 2015 - now with updated members' directory