NEW YORK--(BUSINESS WIRE)--Feb. 28, 2012--
PVH Corp. [NYSE: PVH] announced today that it currently expects its
earnings per share for the fourth quarter and the full year 2011 to be
at least at the high end of its guidance ranges previously announced on
January 11, 2012. In addition, the Company currently expects its
earnings per share for the full year 2012 to be at least at the high end
of its previously announced preliminary guidance, also announced on
January 11, 2012.
PVH Corp., one of the world’s largest apparel companies, owns and
markets the iconic Calvin Klein and Tommy Hilfiger brands
worldwide. It is the world’s largest shirt and neckwear company and
markets a variety of goods under its own brands, Van Heusen, Calvin
Klein, Tommy Hilfiger, IZOD, ARROW, Bass and G.H. Bass & Co.,
and its licensed brands, including Geoffrey Beene, Kenneth Cole New
York, Kenneth Cole Reaction, MICHAEL Michael Kors, Sean John, Chaps,
Donald J. Trump Signature Collection, JOE Joseph Abboud, DKNY, Ike Behar
and John Varvatos.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT
OF 1995:
Forward-looking statements made in this press release, including,
without limitation, statements relating to the Company’s projected and
future 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 Tommy Hilfiger B.V. and certain affiliated companies, the
Company borrowed significant amounts, may be considered to be highly
leveraged, and will have to use a significant portion of its cash flows
to service such indebtedness, as a result of which the Company might not
have sufficient funds to operate its businesses in the manner it intends
or has operated in the past; (iii) the levels of sales of the Company’s
apparel, footwear and related products, both to its wholesale customers
and in its retail stores, the levels of sales of the Company’s licensees
at wholesale and retail, and the extent of discounts and promotional
pricing in which the Company and its licensees and other business
partners are required to engage, all of which can be affected by weather
conditions, changes in the economy, fuel prices, reductions in travel,
fashion trends, consolidations, repositionings and bankruptcies in the
retail industries, repositionings of brands by the Company’s licensors
and other factors; (iv) the Company’s plans and results of operations
will be affected by the Company’s ability to manage its growth and
inventory; (v) the Company’s operations and results could be affected by
quota restrictions and the imposition of safeguard controls (which,
among other things, could limit the Company’s ability to produce
products in cost-effective countries that have the labor and technical
expertise needed), the availability and cost of raw materials, the
Company’s ability to adjust timely to changes in trade regulations and
the migration and development of manufacturers (which can affect where
the Company’s products can best be produced), changes in available
factory and shipping capacity, wage and shipping cost escalation, and
civil conflict, war or terrorist acts, the threat of any of the
foregoing, or political and labor instability in any of the countries
where the Company’s or its licensees’ or other business partners’
products are sold, produced or are planned to be sold or produced; (vi)
disease epidemics and health related concerns, which could result in
closed factories, reduced workforces, scarcity of raw materials and
scrutiny or embargoing of goods produced in infected areas, as well as
reduced consumer traffic and purchasing, as consumers limit or cease
shopping in order to avoid exposure or becoming ill; (vii) acquisitions
and issues arising with acquisitions and proposed transactions,
including without limitation, the ability to integrate an acquired
entity into the Company with no substantial adverse affect on the
acquired entity’s or the Company’s existing operations, employee
relationships, vendor relationships, customer relationships or financial
performance; (viii) the failure of the Company’s licensees to market
successfully licensed products or to preserve the value of the Company’s
brands, or their misuse of the Company’s brands and (ix) other risks and
uncertainties indicated from time to time in the Company’s filings with
the Securities and Exchange Commission.
This press release refers to non-GAAP financial measures, as defined
under SEC rules, and GAAP financial measures, included in a press
release issued on January 11, 2012, which is also an exhibit to the
Company’s Current Report on Form 8-K furnished to the SEC on that date.
Reconciliations of the non-GAAP measures are included in the financial
information in that release, which is available on the Company’s website
at http://www.pvh.com/investor_relations_press_releases.aspx,
as well as such Form 8-K, which is available on the Company’s website at http://www.pvh.com
and the SEC’s website at http://www.sec.gov.
The Company does not undertake any obligation to update publicly any
forward-looking statement, including, without limitation, any estimate
regarding earnings, whether as a result of the receipt of new
information, future events or otherwise.
Source: PVH Corp.
PVH Corp.
Dana Perlman, 212-381-3502
Treasurer,
SVP – Business Development and Investor Relations
