US: PVH raises FY guidance on Q2 profit surge
By Richard Woodard | 28 August 2012
- Q2 net profit up 31.5% to US$87.7m
- Underlying revenue up 4% to $1.337bn
- CEO hails “exceptional” Tommy Hilfiger performance
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.
Revenues were relatively flat during the period, impacted by foreign currency movements and PVH’s exit from its Izod women’s and Timberland wholesale sportswear businesses, but rose 4% on an underlying basis.
Sales for Tommy Hilfiger rose 4% to US$721.9m, while Calvin Klein was up 5% to $251.2m, but the company’s Heritage Brands division declined 10% to $363.5m.
PVH is now predicting revenue in fiscal 2012 up 1-2% on last year’s total of $5.891bn, or up 5-6% on a constant currency basis, with underlying earnings per share hitting $6.25-6.32, up 16-17%.
“Our better than expected second quarter results reflect the continued momentum and ongoing operating efficiencies across our business model,” said Emanuel Chirico, company chairman and CEO.
“The exceptional performance of Tommy Hilfiger allowed us to exceed our earnings expectations, despite the cost pressures and the economic uncertainty that have impacted the global marketplace.”
Sectors: Apparel, Finance, Manufacturing, Retail
Companies: Tommy Hilfiger, Timberland, Calvin Klein
View next/previous articles
Currently reading -
US: PVH raises FY guidance on Q2 profit surge
28 Aug 2012 -
28 Aug 2012 -
Related research
Tommy Hilfiger B.V. - Strategic SWOT Analysis Review
Tommy Hilfiger B.V. (Tommy Hilfiger) is a design apparel group. The company undertakes the designing and marketing of apparels through a network of stores. The product line of the company includes menswear, womenswear, children's apparel and denim c...
Global apparel markets: business update, 3rd quarter 2011
Global sales of apparel and home textiles made from organically grown cotton reached an estimated US$5.16 bn in 2010, while US clothing imports, EU clothing imports and China’s clothing exports were all up in value terms in the first half of 2011. Se...
Global apparel markets: business update, 4th quarter 2011
This report provides an update of business news in the following categories: acquisitions, divestments and mergers; corporate social responsibility (CSR); financial results; international trade policy; joint ventures, cooperation, licensing and distr...
Related articles
Featured reports from just-style's research store this week include a look at specialist apparel retailers in China and Poland, a report on the Tommy Hilfiger Group, and a global market review of performance outdoor apparel.
There are currently no comments on this article
Be the first to comment on this article