NEW YORK — Tommy Hilfiger Corp. Friday posted preliminary net income results for the fiscal year ended March 31, 2005, and said prior-year financial statements will be adjusted due to an accounting restatement.
The company said it will restate financial results for the fiscal years ended March 31, 2001, 2002, 2003 and 2004, as well as for the first quarter of the fiscal year ended March 31, 2005.
The firm said the information is preliminary until it files its financial statements with the Securities and Exchange Commission. It also will record net tax provisions in connection with its filing of amended tax returns for fiscal years 2001 through 2004, and will discuss the impact of the provisions on the results for fiscal years 2003, 2004 and 2005 in the annual report, or Form 10-K, for fiscal year 2005, which it “expects to file in the near future.”
For fiscal year 2005 that ended in March, the company said preliminary net income is $86 million, or 93 cents a diluted share. It added that it expects to reduce fiscal year 2004 net income to $131 million from $132 million, and increase the net loss for fiscal year 2003 to $518 million from $513 million.
“We are pleased to announce our preliminary net income results for fiscal year 2005, along with preliminary restated financial results for prior years. This is a further important step in putting these matters behind us and focusing our full attention on the strategic and operating initiatives that we have undertaken to grow our businesses,” said David Dyer, president and chief operating officer, in a statement.
Bankers for Tommy Hilfiger Corp. are in the midst of trying to sell the company, and, as reported first in WWD, Wal-Mart Stores Inc. is contemplating a bid for the firm.