NEW YORK--(BUSINESS WIRE)--Apr. 30, 2013--
PVH Corp. (NYSE: PVH) announced today that, in conjunction with its
scheduled appearance at the Barclays Retail and Consumer Discretionary
Conference, Company management will state that it expects non-GAAP
earnings per share to be above its previous preliminary guidance for the
first quarter 2013, due to higher than expected wholesale shipments and
certain discrete tax benefits. Management will also state that they
believe this first quarter outperformance will be primarily driven by
timing and as such the Company will hold its full year 2013 non-GAAP
earnings per share guidance previously announced on March 27, 2013.
The live webcast of the Company’s presentation, scheduled for 9:40 AM
EDT on April 30th, as well as the audio replay, which will be available
approximately three hours after the scheduled 10:15 AM EDT 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, G.H. Bass & Co., Warner’s and Olga,
and its licensed brands, including Speedo, 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 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, including, without
limitation, statements relating to the Company’s acquisition of The
Warnaco Group, Inc. (“Warnaco”), 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 Warnaco, 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, including the
Company’s ability to realize benefits from Warnaco; (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
become ill or limit or cease shopping in order to avoid exposure; (vii)
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; (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 (“SEC”).
The earnings per share guidance discussed 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
measures expected to be discussed are included in the Company’s 2012
year-end earnings press release, which was issued on March 27, 2013, and
is available on the Company’s website at www.pvh.com/investor_relations_press_releases.aspx.
The Company’s Current Report on Form 8-K furnished to the SEC in
connection with the March 27, 2013 press release is available on the
Company’s website at www.pvh.com
and the SEC’s website at www.sec.gov.
The earnings per share guidance speaks as of April 30, 2013, 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
