Phillips-Van Heusen Corp. on Monday said it swung to a fourth-quarter profit compared with a year-ago loss.
For the three months ended Jan. 31, the company earned $27 million, or 51 cents a diluted share, against a loss of $37.9 million, or 74 cents, in the year-ago quarter. Excluding adjustments, such as restructuring costs, the profit more than doubled to $32.5 million, or 61 cents a diluted share, from $15.7 million, or 30 cents, a year ago. On an adjusted basis, the consensus among analysts was for earnings per share of 59 cents.
The firm raised its projections for non-GAAP EPS of between 52 cents and 54 cents in January and then raised the forecast again last month to 59 cents.
Total revenue in the fourth quarter rose 6.4 percent to $614.6 million from $577.8 million. Revenues included a 6.6 percent gain in sales to $534 million from $501 million, an 18.4 percent uptick in royalties to $63.8 million, including a 21.5 percent leap in Calvin Klein royalties to $58.9 million, and a comparable-store sales gain of 11 percent.
PVH said on March 15 that it had entered into a definitive agreement to acquire Tommy Hilfiger BV for about $3 billion, which is expected to close in the second quarter.
Excluding any effect of the Tommy Hilfiger acquisition, the company is projecting first-quarter EPS of 73 cents to 75 cents on revenue expected to be between $590 million to $600 million. For this year, the company said it expects EPS of between $3.20 and $3.28 on a revenue projection of $2.47 billion to $2.5 billion.
Chairman and chief executive officer Emanuel Chirico noted the global growth momentum of the Calvin Klein brand accelerated in the quarter, and that the firm is “positioned to have a strong year in 2010, with new programs being implemented” in the firm’s wholesale businesses.
For the year, the apparel firm posted a 76.4 percent rise in income to $161.9 million, or $3.08 a diluted share, from $91.8 million, or $1.76, in 2008. Total revenue slipped 3.7 percent to $2.4 billion from $2.49 billion.
In yet another fashion show shuffle, @elleryland is moving its show in sync with the Paris couture calendar — though the brand is still keeping one foot on the city’s ready-to-wear schedule. Their runway show in January will coincide with the launch of a new strategy: designing two main collections each year instead of four, which will then be released in four drops. “As we all know, the system needs to change. We need to show sooner to give time back to artisans and designers to do what they do best — create,” said founder Kym Ellery. #wwdnews #wwdfashion (📷: @kukukuba)
@maxmara’s classic 101801 coat was the cornerstone of its pre-fall 2018 collection. The design team expanded the traditional double-breasted, kimono-sleeved style into a trapeze coat, lean belted styles and a peacoat and presented them in monochromatic looks – like the camel one pictured here. #wwdfashion #prefall18 (📷: George Chinsee)
The @cfda has shifted the dates of #NYFW, with Men’s showing on February 5 through February 7, and Women’s will directly follow, running from February 8 through 14. The preliminary schedule will be released on the CFDA’s web site in the next few days, but Mark Beckham, VP of marketing for the CFDA, revealed that @rafsimons will be back to close the men’s-specific part of the week with a show on February 7 #wwdfashion (📷: Kelly Taub)
@ferragamo is introducing a new space dedicated to the development of women’s and men’s leather good samples. The laboratory, which is created eco-friendly materials and designed to reduce the environmental impact of the manufacturing processes, will allow the company to expand its accessories offering through traditional artisanal approaches. #wwdfashion (📷: @aitorrosasphoto)
How does a “regular, degular, schmegular” girl from the Bronx, N.Y., become a Grammy-nominated artist with a certified platinum record in less than a year? Call it the @iamcardib come up. The 25-year-old has become a musical sensation, and the fashion world is taking note. “If I could describe her style I would say drama. She’s really into the dramatics,” says Cardi B’s stylist @kollincarter. See how Carter styles her bold and out there looks with the link in bio. #wwdfashion
“There is no formula. There is no guideline. I can watch Ted Talks all day, but there is no one who can advise me on exactly what it is I should be doing,” said @ronniefieg, CEO of @kith, in an interview with WWD’s @ariahughes at the brand’s new SoHo office in Manhattan. Head to WWD.com to see how Fieg went from hanging out in shoe stockrooms at 13 to building his own business. #wwdfashion (📷: @weston.wells)
@fearofgod and @maxfieldla have teamed up on a pop-up installation. The store, located in the gallery space across from Maxfield’s Melrose Ave location, is the site of the brand’s House of God pop-up in which Fear of God founder @jerrylorenzo has created a church-inspired installation. A dozen vintage church pews sit in front of an LED screen playing 90s gospel singers in an effort to re-create an environment akin to a Southern Baptist Church, Lorenzo explained. Read more about the pop-up on WWD.com #wwdfashion (📷: Jennifer Johnson)
Known for his sleek, sophisticated American glamour, Norman Norell is the subject of an upcoming exhibition at @fitnyc. “Norell: Dean of American Fashion,” which runs from February 9 through April 14, will feature approximately 100 ensembles and accessories. His best work is exemplified by the designer’s glittering “mermaid” gowns frosted with thousands of hand-sewn sequins – like the one pictured. (📷: William Helburn) #wwdfashion
For pre-fall 2018, @balmain didn’t let go of the glitz. A crystal embroidered baseball jacket priced at around $40,000 hangs in the “couture” section of the brand’s first men’s pre-collection. Sporting the words “Balmain Army” across the back, the item took around two months to make. “When it was completed, it was like Christmas, it was like, ‘It’s done, it’s exactly what I wanted,’” said Balmain’s creative director @olivier_rousteing during a tour of the collection in a Paris showroom on Monday. #wwdfashion