NEW YORK--(BUSINESS WIRE)--Jan. 16, 2013--
PVH Corp. (NYSE: PVH) announced today that, in conjunction with
presentations to be given tonight and tomorrow by Company management at
the ICR XChange Conference, it will reaffirm both its revenue and
earnings per share guidance ranges for the fourth quarter 2012 and full
year 2012 previously announced on November 27, 2012.
The live webcast of the Company’s presentation, scheduled for 10:15 a.m.
EST on January 17th, as well as the audio replay, which will be
available approximately three hours after the scheduled 10:35 a.m.
presentation conclusion, may be accessed by logging onto http://www.pvh.com
and going to the Webcasts section under the Investors link.
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.
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SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT
OF 1995: Forward-looking statements and information about PVH’s current
and future prospects and PVH’s operations and financial results included
in this press release and made and provided during management’s
appearance at the conference, including, without limitation, statements
relating to the Company’s future revenue and earnings, plans,
strategies, objectives, expectations and intentions, and the benefits,
results, effects and timing of its pending acquisition of The Warnaco
Group, Inc. 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) the Company’s proposed
acquisition of Warnaco is subject to conditions, which may not be
satisfied, in which event the transaction may not close; (iii) in
connection with the acquisition of Tommy Hilfiger B.V. and certain
affiliated companies, the Company borrowed significant amounts, and in
connection with the pending acquisition of Warnaco, the Company has
borrowed and intends to borrow additional significant amounts, may now
or thereafter be considered to be highly leveraged, and uses and will
have to continue 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; (iv) 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; (v) the Company’s plans and results of operations
will be affected by the Company’s ability to manage its growth and
inventory, including its ability to realize benefits from Warnaco; (vi)
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; (vii) 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 become ill; (viii) acquisitions and issues
arising with acquisitions and proposed transactions, including without
limitation, the ability to integrate an acquired entity, such as
Warnaco, into the Company with no substantial adverse effect on the
acquired entity’s or the Company’s existing operations, employee
relationships, vendor relationships, customer relationships or financial
performance; (ix) 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 (x) other risks and
uncertainties indicated from time to time in the Company’s filings with
the Securities and Exchange Commission.
The earnings per share guidance reaffirmed in this press release is on a
non-GAAP basis, and the Company’s presentation will include non-GAAP
financial measures, as defined under SEC rules. Reconciliations of the
guidance and these measures are included at the end of the presentation
materials and in the Company’s 2012 third quarter earnings press
release, which was issued on November 27, 2012, the Company’s 2011
year-end earnings press release, which was issued on March 27, 2012, and
the Company’s 2010 year-end earnings press release, which was issued on
March 28, 2011, each of which is available on the Company’s website at http://www.pvh.com/investor_relations_press_releases.aspx.
The Company’s Current Reports on Form 8-K furnished to the SEC in
connection with these releases are available on the Company's website at http://www.pvh.com
and the SEC’s website at http://www.sec.gov.
Earnings per share guidance and revenue estimates for the quarter and
year ending February 3, 2013 speak as of January 16, 2013, the date on
which it was made and all other guidance and forward-looking information
speaks as of November 27, 2012, the date on which it was made. The
Company does not undertake any obligation to update publicly any
forward-looking statement, including, without limitation, any estimate
regarding revenue or 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
and Senior Vice President,
Business Development and Investor
Relations
investorrelations@pvh.com
