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A view of the Tommy Hilfiger flagship in Tokyo.

NEW YORK — Growth on both the top and bottom lines from Tommy Hilfiger allowed PVH Corp. to post second-quarter earnings 29.3 percent above year-ago levels and ahead of Wall Street’s expectations.

This story first appeared in the August 28, 2012 issue of WWD.  Subscribe Today.

In the three months ended July 29, the New York-based apparel giant generated net income of $87.7 million, or $1.19 a diluted share, versus profits of $66.7 million, or 92 cents, in the 2011 quarter. Excluding special items, adjusted earnings per share was $1.25, 5 cents above both the analyst consensus estimate and the high end of PVH’s earlier guidance for EPS of $1.18 to $1.20.

Revenues in the quarter were essentially flat, rising 0.2 percent to $1.34 billion from $1.33 billion a year ago, while gross margin ascended to 55.6 percent of revenues from 54.3 percent in the comparable period last year.

Operating income for Tommy Hilfiger was up 28.5 percent on a non-GAAP basis, to $97.3 million from $75.8 million in last year’s quarter, while the brand’s revenues grew 4.2 percent to $721.9 million. Calvin Klein revenues rose 4.7 percent, to $251.2 million, while operating income declined 8.8 percent to $60.2 million.

“The strength of the Tommy Hilfiger brand was epitomized by the brand’s performance in Europe despite the ongoing economic headwinds in that region,” said Emanuel Chirico, chairman and chief executive officer of PVH. “In addition, Calvin Klein continued to post solid revenue increases in the quarter despite the soft performance of the global jeans and underwear businesses.”

Chirico added that, if not for a planned shift in advertising expenditures into the second quarter, Calvin Klein’s profitability would have improved in comparison with last year’s quarter.

The Heritage Brands group continued to struggle as revenues declined 9.5 percent, to $363.5 million, and operating profit fell 23.2 percent to $23.2 million.

Investors were encouraged by third-quarter earnings guidance of $2.20 to $2.25 a diluted share, again on a non-GAAP basis. Revenues are expected to decline 2 to 3 percent in the quarter, to between $1.6 billion and $1.62 billion, with about $100 million in top-line erosion split between negative foreign currency impacts on one hand and the exit from the Izod women’s and Timberland sportswear businesses on the other.

Prior to the earnings report, analysts expected profits of $2.21 a share, on average. Shares rose 55 cents, or 0.6 percent, to $88.49 during the trading day and prior to the earnings report. They picked up another $2.71, or 3.1 percent, to $91.20 in the first hour of after-hours trading.

PVH lifted full-year earnings guidance to a range of $6.25 to $6.32 a share from a previous range of $6.15 to $6.25, based on the second-quarter showing as well as what Chirico termed “the positive impact from lower product costs beginning with fall deliveries and our belief that the strength of our brands will continue to drive revenue and profitability increases throughout the remainder of 2012.”

In the first half, net income expanded 43.9 percent to $180.8 million, or $2.46 a diluted share, while revenues were up 2.2 percent to $2.76 billion.

PVH management will hold a conference call this morning to discuss the results and forecast.