PVH Corp (PVH)

[MCArmel1]

Phillips-Van Heusen beats by $0.12, beats on revenue

Jun 1 2015, 16:02 ET | By: Jignesh Mehta, SA News Editor

Phillips-Van Heusen (NYSE:PVH): Q1 EPS of $1.50 beats by $0.12.
Revenue of $1.88B (-4.1% Y/Y) beats by $20M.
Shares +2%.
Press Release

http://seekingalpha.com/news/2555276-phillips-van-heusen-beats-by-0_12-beats-on-revenue?uprof=45#email_link


PVH Corp. Reports 2015 First Quarter Results, Raises Full Year EPS Guidance on a Non-GAAP Basis and Announces Stock Repurchase Authorization
Mon June 1, 2015 4:00 PM|Business Wire | About: PVH

• First Quarter EPS on a Non-GAAP Basis Exceeded Top End of Guidance at $1.50, and Included a $0.27 Negative Impact Primarily Related to Foreign Currency Exchange Rates Compared to Prior Year; GAAP EPS Was $1.37
• First Quarter Outperformance Primarily Driven by Calvin Klein Business
• Company Raises Full Year 2015 EPS Guidance to $6.85 to $6.95 on a Non-GAAP Basis from $6.75 to $6.90, Which Reflects an Expected Negative Impact of Approximately $1.25 Per Share Primarily Related to Foreign Currency Exchange Rates
• Board Authorizes $500 Million Three-Year Stock Repurchase Program

NEW YORK--(BUSINESS WIRE)-- PVH Corp. (PVH) reported 2015 first quarter results.

Non-GAAP Amounts:

Non-GAAP amounts discussed in this release exclude the items that are described in this release under the heading Non-GAAP Exclusions. Reconciliations of GAAP to non-GAAP amounts and constant currency amounts are presented later in this release and identify and quantify all excluded items.

Overview of First Quarter Results:
• Earnings per share was $1.50 on a non-GAAP basis, inclusive of a $0.27 negative impact primarily related to foreign currency exchange rates compared to the prior year. Earnings per share on a non-GAAP basis excluding the $0.27 negative impact primarily related to foreign currency exchange rates was $1.77, or an increase of 20% compared to the prior years first quarter earnings per share on a non-GAAP basis of $1.47.
• GAAP Earnings per share was $1.37 compared to $0.42 for the prior years first quarter.
• Revenue increased 3% on a constant currency basis (decreased 4% on a GAAP basis) compared to the prior years first quarter revenue of $1.96 billion. Revenue changes by business from the prior years first quarter were (i) a 5% increase in the Calvin Klein business on a constant currency basis (decreased 2% on a GAAP basis); (ii) a 1% increase in the Tommy Hilfiger business on a constant currency basis (decreased 11% on a GAAP basis); and (iii) a 5% increase in the Heritage Brands business.

CEO Comments:

Commenting on these results, Emanuel Chirico, Chairman and Chief Executive Officer, noted, We are very pleased with our first quarter results, which exceeded our first quarter guidance, driven by the strength of our Calvin Klein business. Strong underlying fundamentals in our international Calvin Klein and Tommy Hilfiger businesses was partially offset by softness in our U.S. Calvin Klein and Tommy Hilfiger businesses, where a strong U.S. dollar negatively impacted international tourist spending.

Mr. Chirico continued, Looking ahead to the remainder of 2015, we are increasing our earnings guidance for the year, while continuing to take a prudent approach to planning our business, as foreign currency and global consumer spending remain unpredictable and volatile. We believe that our proven business model is well-positioned to navigate through this environment and we are implementing local initiatives to drive traffic and sales, while carefully managing our inventories and looking for continued efficiencies across our business.

Mr. Chirico also noted, We are pleased to announce the approval of a $500 million stock repurchase program, which reflects the Board and managements confidence in our ability to generate strong free cash flow and achieve our long-term growth objectives. This program underscores our commitment to returning capital to stockholders. We also believe we will continue to have the financial flexibility, as we continue to pay down debt, to strategically invest in our business, to take more direct ownership in certain licensed Calvin Klein and Tommy Hilfiger businesses and for other strategic acquisitions as they arise in the future. We remain committed to maximizing the potential of our businesses and believe the strength of our brands, together with the strategic investments we have made in our businesses, will position us to deliver long-term global growth and stockholder value.

More...

http://seekingalpha.com/pr/13683846-pvh-corp-reports-2015-first-quarter-results-raises-full-year-eps-guidance-on-a-non-gaap-basis-and-announces-stock-repurchase-authorization