Non-GAAP Amounts:
The discussions in this release that refer to non-GAAP amounts exclude the items which are described in this release under the heading “Non-GAAP Exclusions.” Reconciliations of GAAP to non-GAAP amounts are presented in the tables later in this release and identify and quantify all excluded items.
2012 Guidance:
Non-GAAP earnings per share for the full year 2012 is now estimated to
be in a range of
Non-GAAP earnings per share for the third quarter of 2012 is now
estimated to be in a range of
The Company’s updated earnings per share guidance reflects the continued
strong performance in the
Non-GAAP Exclusions:
The discussions in this release that refer to non-GAAP amounts exclude the following:
-
Pre-tax costs of approximately
$15 million expected to be incurred in 2012 principally in connection with the integration ofTommy Hilfiger and the related restructuring, of which approximately$5 million is expected to be incurred in the third quarter. -
Estimated tax effects associated with the above pre-tax costs, which
are based on the Company’s assessment of deductibility. In making this
assessment, the Company evaluated each item that it has recorded as an
acquisition, integration, restructuring or debt modification cost to
determine if such cost is tax deductible, and if so, in what
jurisdiction the deduction would occur. All items above were
identified as either primarily tax deductible in
the United States , in which case the Company assumed a combined federal and state tax rate of 38.0%, or as non-deductible, in which case the Company assumed no tax benefit. The assumptions used were consistently applied for both GAAP and non-GAAP earnings amounts.
Please see reconciliations of GAAP to Non-GAAP amounts later in this release.
Details on Accessing Live Webcast and Replay:
The live webcast of the Company’s presentation, as well as the audio replay, which will be available beginning three hours after the conference ends, may be accessed by logging onto www.pvh.com and going to the Webcasts section under the Investors link. Materials for this presentation will also be available on www.pvh.com in the Webcasts section under the Investors link.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995:
Forward-looking statements made during management’s appearance and
included in the presentation materials, including, without limitation,
statements relating to the Company’s future revenue and earnings, plans,
strategies, objectives, expectations and intentions, are made pursuant
to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Investors are cautioned that such forward-looking
statements are inherently subject to risks and uncertainties, many of
which cannot be predicted with accuracy, and some of which might not be
anticipated, including, without limitation, the following: (i) the
Company’s plans, strategies, objectives, expectations and intentions are
subject to change at any time at the discretion of the Company; (ii) in
connection with the acquisition of
The Company’s presentation and presentation materials will include
non-GAAP financial measures, as defined under
Earnings per share guidance in this release speaks as of
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PVH CORP. |
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The Company believes presenting its 2012 estimated results excluding (i) the costs expected to be incurred principally in connection with its integration of Tommy Hilfiger and the related restructuring; and (ii) the estimated tax effects associated with these costs, which is on a non-GAAP basis, provides useful additional information to investors. The Company believes that the exclusion of the amounts identified facilitates comparing current results against past and future results by eliminating amounts that it believes are not comparable between periods, thereby permitting management to evaluate performance and investors to make decisions based on the ongoing operations of the Company. The Company believes that investors often look at ongoing operations of an enterprise as a measure of assessing performance. The Company has provided the reconciliations set forth below to present its estimates on a GAAP basis and excluding these amounts. The Company uses its results excluding these amounts to evaluate its operating performance and to discuss its business with investment institutions, the Company’s Board of Directors and others. The Company’s earnings per share amounts excluding these costs are also the basis for certain incentive compensation calculations. The estimated tax effects associated with these costs are based on the Company’s assessment of deductibility. In making this assessment, the Company evaluated each item that it has recorded or expects to record as an integration or restructuring cost to determine if such cost is tax deductible, and if so, in what jurisdiction the deduction would occur. All items above were identified as either primarily tax deductible in the United States, in which case the Company assumed a combined federal and state tax rate of 38.0%, or as non-deductible, in which case the Company assumed no tax benefit. |
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2012 Earnings Per Share Reconciliation |
Full Year |
Full Year |
Third Quarter |
Third Quarter |
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| GAAP earnings per share | $6.17 - $6.22 | $6.10 - $6.17 | $2.23 - $2.25 | $2.15 - $2.20 | ||||||||
|
Estimated per share impact of after tax |
$0.15 | $0.15 | $0.05 | $0.05 | ||||||||
|
Earnings per share excluding impact of |
$6.32 - $6.37 | $6.25 - $6.32 | $2.28 - $2.30 | $2.20 - $2.25 | ||||||||
The GAAP earnings per share amounts presented in the above table are
being provided solely to comply with applicable
Source:
PVH Corp.
Dana Perlman, 212-381-3502
Treasurer and
Senior Vice President, Business Development and Investor Relations
investorrelations@pvh.com