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. ...
- Li & Fung looks to new frontiers for growth
- SOURCING: Worldwide change in cost competitiveness
- Gap impressed with supply chain improvements
- More licensing and less M&A for Global Brands
- Better Work programme poised to expand
- Cambodia mass faintings rise to 896 in first-half
- Ralph Lauren unveils high-performance Polo shirt
- China minimum wage rises will be tough to handle
- Cambodia garment industry hit with fresh strikes
- Cambodia garment makers condemn strike protests
- Global Database of the Top 1000 Apparel Producers - Company Names, Financial Performance, Key Executives, and Contact Details
- Global market review of denim and jeanswear – forecasts to 2020
- Prospects for the Textile and Clothing Industry in Turkey
- Global Database of the Top 1000 Apparel Knitting Mills - Company Names, Financial Performance, Key Executives, and Contact Details
- China - ISA Country Report