HONG KONG: Tommy Hilfiger Records Q2 Revenue Slump
Tommy Hilfiger Corporation has posted second-quarter revenue of $536.1 million compared to $547.9m in the same quarter last year.
Pretax income totalled $69.3m, compared to pretax income of $81.0m a year ago.
Included in pretax results for the quarter ended 30 September 2004 are previously announced charges of $2.2m related to the closing of the company's Secaucus distribution facility, as well as impairment charges of $3.1m for shop fixtures.
Tommy Hilfiger Europe posted a 28.3 per cent increase in revenue to $195.6m for the second quarter of fiscal 2005 as compared to $152.5m for the comparative period last year.
In the company's wholesale segment, revenue for the second quarter of fiscal 2005 declined 7.1 per cent to $387.4m from $417.1m in the prior- year period.
In the company's retail segment, revenue for the second quarter of fiscal 2005 increased 12.8 per cent to $129.8m from $115.1m in the prior year's quarter, due to store openings and expansions since 30 September 2003.
For the six months ended 30 September 2004, net revenue decreased 5.5 per cent to $864.7m from $915.2m for the same period of fiscal 2004. Pretax income declined to $60.0m compared to $93.5m, before the effect of special items, in the prior year.
David Dyer, president and chief executive officer, said: "Our second quarter results were below our expectations. Sales for the period were impacted by several factors in our US businesses, including a lacklustre back to school and early fall season, as well as continued economic weakness."
Tommy Hilfiger Corporation, through its subsidiaries, designs, sources and markets men's and ladies' sportswear, jeanswear and childrenswear under the Tommy Hilfiger trademarks. Through a range of strategic licensing agreements, the Company also offers a broad array of related apparel, accessories, footwear, fragrance and home furnishings.
Companies: Tommy Hilfiger Group
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