pvh corp (PVH) Snapshot

PVH Corp. announced consolidated earnings results for the first quarter ended May 5, 2013. For the quarter, the company reported net sales of $1,823,045,000 against $1,312,849,000 a year ago. Total revenue was $1,910,160,000 against $1,427,406,000 a year ago. Earnings before interest and taxes were $6,785,000 against $156,082,000 a year ago. Pre-tax loss was $39,164,000 against pre-tax income of $126,838,000 a year ago. Net loss was $20,013,000 against net income of $95,476,000 a year ago. Net loss attributable to the company was $20,052,000 against net income attributable to the company of $95,476,000 a year ago. Diluted net loss per common share attributable to the company was $0.25 against EPS of $1.30 a year ago. Non-GAAP net income attributable to the company was $155,636,000 against $97,860,000 a year ago. Non-GAAP diluted net income per common share attributable to the company was $1.91 against $1.33 a year ago. Non-GAAP revenue was $1,940,160,000. Non-GAAP earnings before interest and taxes were $241,287,000 against $159,398,000 a year ago. Earnings before interest and taxes on a non-GAAP basis increased 51% to $241 million from $159 million in the prior year's first quarter due in large part to the positive impact of the acquired Warnaco businesses. The increase in earnings before interest and taxes on a non-GAAP basis was driven by the net effect of an increase of $48 million in the Calvin Klein business; an increase of $15 million in the Tommy Hilfiger business; an increase of $21 million in the Heritage Brands business; and an increase of $3 million in corporate expenses due principally to the addition of Warnaco corporate expenses, net of synergies realized from the acquisition. For the full year of 2013, the company continues to project that revenue will be approximately $8.2 billion, non-GAAP earnings per share will be approximately $7.00, as compared to the $6.58 in 2012. The company currently projects tax rate will be approximately 25.5% to 26.5%. The company's 2013 earnings per share estimate excludes approximately $450 million of pre-tax costs associated with the Warnaco acquisition and the related integration, restructuring and debt modification and extinguishment, of which approximately $225 million are expected to be non-cash charges, the majority of which are expected to relate to short-lived valuation adjustments and amortization. GAAP net income per common share attributable to the company will be $2.96 per share. Net income per common share attributable to the company, excluding impact of acquisition, integration, restructuring and debt modification and extinguishment costs and actuarial loss on retirement plans will be $7.00 per share. For the second quarter of 2013, the company expected revenue to be approximately $1.9 billion. On a non-GAAP basis, earnings per share for the second quarter are projected to be approximately $1.35 as compared to $1.28 in the prior year's second quarter. The company currently projects tax rate will be approximately 30.0% to 31.0%. The company's second quarter 2013 earnings per share estimate excludes approximately $125 million of pre-tax costs associated with the integration and related restructuring of Warnaco, of which approximately $75 million are expected to be non-cash charges, the majority of which relate to short-lived valuation adjustments and amortization. GAAP net income per common share attributable to the company will be $0.30 per share. Net income per common share attributable to the company, excluding impact of acquisition, integration, restructuring and debt modification and extinguishment costs and actuarial loss on retirement plans will be $1.35 per share.

PVH Corp., Q1 2013 Earnings Call, Jun 13, 2013

PVH Corp. announced that they will report Q1, 2014 results at 5:00 PM, Eastern Standard Time on Jun 12, 2013