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current news

PVH: Sales and Income Rose In 4th Quarter 2017


(Filed Under Financial and General Interest News). PVH income in the fourth quarter of 2017 rose to $107.9 million on higher sales of $2.38 billion, compared to income of $100.5 million on sales of $2.00 billion in the same quarter in fiscal 2016.

For the full fiscal year ended February 4, 2018, income was down slightly to $536.1 million on higher sales of $8.44 billion compared to earnings of $548.7 million on sales of $7.79 billion for the year ended January 29, 2017.

The company sells a variety of apparel, including intimates and underwear.

Chairman and CEO Emanuel Chirico noted “These results are ahead of our long-term targets, driven largely by strong momentum in our Tommy Hilfiger and Calvin Klein businesses.” He added, “We continued to make investments that centered around areas most impacted by the changing dynamics in the industry - the growing prominence of digital, the importance of having a nimble and responsive supply chain and our ever-present commitment to driving consumer engagement. We encouraged our associates to be forward-thinking, with a focus on adapting to the evolving consumer environment, enhancing our brands and their competitive positioning across product lines and geographies, and better aligning our business to make it easier to initiate and effect change.”

Chirico concluded, “We believe that the incredible brand power behind Calvin Klein and Tommy Hilfiger positions us well in the marketplace against our competition and will drive continued momentum, as reflected in our 2018 outlook.”

Discussing its Calvin Klein business in detail, PVH explained, “revenue in the Calvin Klein business for the quarter increased 23% to $977 million (increased 18% on a constant currency basis) compared to the prior year period. Calvin Klein International revenue increased 33% to $512 million (increased 23% on a constant currency basis) compared to the prior year period, driven by outstanding performance in Europe and Asia, including a 4% increase in international comparable store sales.” Meanwhile, Calvin Klein North America revenue increased “13% (also on a constant currency basis) to $464 million compared to the prior year period as a result of strong wholesale performance across all categories and a 4% increase in North America comparable store sales.”

Sales for Tommy Hilfiger “for the quarter increased 22% to $1.1 billion (increased 15% on a constant currency basis) compared to the prior year period. Tommy Hilfiger International revenue increased 37% to $702 million (increased 24% on a constant currency basis) compared to the prior year period, driven by exceptional performance across all regions and channels, as well as the benefit of a 53rd week in 2017. Tommy Hilfiger International comparable store sales increased 6%. Tommy Hilfiger North America revenue increased 5% to $439 million (increased 4% on a constant currency basis) compared to the prior year period. The increase in revenue was principally attributable to a 10% increase in comparable store sales offset, in part, by a reduction in wholesale off-price distribution.”

At the company’s Heritage Brands division, which include such intimates labels as Warner’s, Olga and Speedo, revenue “was flat compared to the prior year period. Comparable store sales increased 1%. Earnings before interest and taxes for the quarter decreased to $8 million from $13 million in the prior year period, primarily driven by an increase in marketing expenditures as compared to the prior year period.

PVH is projecting increases in both sales and earnings for the full year 2018. “Revenue in 2018 is projected to increase approximately 7% (increase approximately 4% on a constant currency basis) as compared to 2017. Revenue for the Calvin Klein business is projected to increase approximately 9% (increase approximately 7% on a constant currency basis). Revenue for the Tommy Hilfiger business is projected to increase approximately 8% (increase approximately 4% on a constant currency basis). Revenue for the Heritage Brands business is projected to be relatively flat.” It added that “earnings per share on a GAAP basis will be in a range of $8.76 to $8.86 compared to $6.84 in 2017.”

During the conference call with analysts to discuss the financial results, Chirico spoke about the company’s acquisition of True & Co, an online retailer of intimates, in early 2017. “We’ve definitely seen the company move into PVH without a hitch. We’ve managed to retain the talent, we’ve managed to keep the systems up and running and it’s been a good learning experience for us. Just to put it in perspective, it was a fairly small acquisition in PVH.” He continued, “As we look backward at the acquisition, we did talk about some of the benefits of data. We are working with the True team, and the True team is working with the PVH team. We have seen some benefits across divisionally particularly in the underwear and the women’s intimates categories and consumer data is a focus for us and we are moving it forward through True and with our underwear and intimates group with PVH.”

“The only thing I’d add is the learning’s that we really gotten have been on the data mining side. We’re really sharing across platform both Calvin, Tommy and True to really understand that consumer and his shopping behaviors. And we’ve also learned a lot about what’s the most efficient way to gain eyeballs, drive sales and traffic we really had some real learning’s that I think will benefit particularly the Calvin Klein business as we move into 2018, our online digital business about having to be more efficient with some of our advertising.” — NM

The complete conference call transcript can be found here: https://seekingalpha.com/article/4160085-pvhs-pvh-ceo-manny-chirico-q4-2017-results-earnings-call-transcript?page=1.


more Financial and General Interest News >>

Published 03-30-2018 by Nick Monjo

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