PVH Corp. Reports 2012 Fourth Quarter and Full Year Results

  PVH Corp. Reports 2012 Fourth Quarter and Full Year Results

  *Fourth Quarter Results Driven by Increased Earnings across All Businesses
  *Full Year Non-GAAP EPS Was $6.58, Which Includes a $0.15 Favorable Impact
    Related to Change in Method of Accounting for Retirement Plans, and $6.43
    Absent the Change
  *Full Year GAAP EPS Was $5.87, Which Includes a $0.09 Unfavorable Impact
    Related to Change in Method of Accounting for Retirement Plans
  *Company Provides Preliminary 2013 Non-GAAP EPS Guidance of $7.00

Business Wire

NEW YORK -- March 27, 2013

PVH Corp. [NYSE: PVH] reported 2012 fourth quarter and full year results.

Non-GAAP Amounts:

The discussions of historical results 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 later in this release and identify and quantify all excluded items.

Overview of Fourth Quarter Results:

  *Earnings per share was $1.60 on a non-GAAP basis, which includes a
    favorable impact related to the change in the Company’s method of
    accounting for retirement plans and represents a 34% increase over the
    prior year period’s non-GAAP earnings per share of $1.19 (as adjusted for
    the change). Absent the change in accounting method, non-GAAP earnings per
    share would have been $1.54 for the fourth quarter, which exceeds the top
    end of the Company’s previous guidance by $0.05, and compares to $1.18 for
    the fourth quarter of 2011.
  *GAAP earnings per share was $1.09, which includes a negative impact
    related to the change in the Company’s method of accounting for retirement
    plans and represents a 127% increase over the prior year period’s GAAP
    earnings per share of $0.48 (as adjusted for the change). The negative
    impact of the change was $0.17 in 2012 and $0.63 in 2011.
  *Revenue of $1.636 billion increased 7% as compared to the prior year,
    including a 3% negative impact attributable to the exit from the Izod
    women’s and Timberland wholesale sportswear businesses and foreign
    currency translation and a 3% benefit from an additional week of revenue,
    as the 2012 fiscal year included 53 weeks of operations.
  *Operating margin on a non-GAAP basis increased 250 basis points due to a
    320 basis point gross margin increase, driven by continued faster growth
    in the higher-margin Calvin Klein and Tommy Hilfiger businesses, combined
    with decreased product costs across all of the Company’s businesses. GAAP
    operating margin increased 440 basis points due to the gross margin
    increase discussed above, combined with a decrease in pension expense.

Change in Method of Accounting for Retirement Plans:

During the fourth quarter of 2012, the Company changed its method of
accounting for its retirement plans to (i) calculate expected return on plan
assets using the fair value of plan assets; and (ii) immediately recognize
actuarial gains and losses in its operating results in the year in which they
occur. The Company believes this change improves the transparency of its
operational performance by recognizing the effects of current economic and
interest rate trends on plan investments and assumptions in current period
earnings, thus allowing the Company to highlight this impact to investors. In
addition, this change aligns the Company’s method of accounting for its
retirement plans with the method used by The Warnaco Group, Inc. (“Warnaco”),
which the Company acquired on February 13, 2013. This change avoids the
post-acquisition Company having two methods of accounting for its retirement
plans. The financial data for all prior periods presented has been
retrospectively adjusted to reflect the effect of this accounting change.
Refer to Appendix A later in this release for a summary of the impact of this
change and the adjusted prior period quarterly financial results.

Fourth Quarter Business Review:

The Company’s calculations of the comparable store sales percentages
throughout this press release are based on comparable weeks and, therefore,
exclude the extra week in 2012. The extra week in 2012 was worth approximately
$40 million of revenue and approximately $0.05 of earnings per share.

Tommy Hilfiger

Revenue in the Tommy Hilfiger business increased 9% to $891.1 million from
$815.8 million in the prior year’s fourth quarter, including a negative impact
of approximately $10 million, or 1%, related to foreign currency
translation.Revenue in the Tommy Hilfiger North America business increased
11%, with strong results in its retail business primarily attributable to (i)
5% comparable store sales growth; (ii) additional square footage expansion;
and (iii) an increase due to the 53rd week of revenue (which increased overall
Tommy Hilfiger North America revenue by 4%).Revenue in the Tommy Hilfiger
International business increased 8%, driven by (i) a European retail
comparable store sales increase of 9%; (ii) strength in the European wholesale
business; and (iii) a 3% increase due to the extra week of revenue, partially
offset by continued weakness in Japan, where the Company is currently in the
process of strategically repositioning and investing in the brand, and a
negative impact of 2% related to foreign currency translation.

On a non-GAAP basis, earnings before interest and taxes for the Tommy Hilfiger
business increased 45% to $101.8 million from $70.2 million in the prior
year’s fourth quarter, driven by the net revenue increase discussed above and
a 290 basis point improvement in gross margin, driven by an increase in
average unit retail selling prices and a decrease in product costs.

On a GAAP basis, earnings before interest and taxes for the Tommy Hilfiger
business increased 73% to $96.1 million, as compared to $55.6 million in the
prior year’s fourth quarter. This increase was due principally to the net
impact of the overall revenue and gross margin increases noted above, combined
with a decrease in integration and restructuring costs.

Calvin Klein

Revenue in the Calvin Klein business increased 14% to $317.4 million from
$278.5 million in the prior year’s fourth quarter, driven primarily by (i)
strong growth in the North American wholesale business; (ii) new store
openings and store expansions within the Company’s Calvin Klein outlet retail
business; and (iii) a benefit of approximately 2% due to the extra week of
revenue. These increases were partially offset by a 2% comparable store sales
decline in the Company’s Calvin Klein North American outlet retail business.
Calvin Klein royalty revenue increased 5% from continued global growth in
women’s sportswear, dresses and handbags, which was partially offset by a
decline in royalty revenue due to a reduction in the European bridge apparel
and accessories business (relating to the Company’s announcement in the first
quarter of 2012 that it would bring the business back in-house) and continued
weakness in jeans in the United States and women’s underwear in Europe and the
United States.

Earnings before interest and taxes for the Calvin Klein business increased 5%
to $73.8 million as compared to the prior year’s fourth quarter amount of
$70.1 million, driven principally by the revenue increases discussed above and
increased gross margin in the North American apparel business due to product
cost decreases. These increases were partially offset by increased advertising
expense due, in large part, to the Calvin Klein Concept underwear commercial
that was aired during the Super Bowl broadcast.

Heritage Brands

Total revenue for the Heritage Brands business decreased 2% to $427.7 million
as compared to $438.5 million in the prior year’s fourth quarter due to a $30
million, or 7%, negative impact related to the exit from the Izod women’s and
Timberland wholesale sportswear businesses. Excluding the impact of exited
businesses, revenue for the Heritage Brands business increased 4%, due
principally to strong growth in the Company’s ongoing wholesale sportswear
businesses and a benefit of approximately 2% due to the extra week of revenue.
Comparable store sales for the Heritage Brands retail business were relatively
flat to the prior year.

Earnings before interest and taxes for the Heritage Brands business was $26.6
million, an increase of 152% as compared to the prior year’s fourth quarter of
$10.5 million on a non-GAAP basis and an increase of 178% as compared to the
prior year’s fourth quarter of $9.6 million on a GAAP basis. The significant
increase in earnings before interest and taxes was attributable to increases
across the Company’s Heritage Brands Dress Furnishings, Sportswear and Retail
businesses, driven principally by an overall operating margin increase of 380
basis points that was fueled by strong gross margin improvement. The strong
gross margin increase was driven by the Company’s exit of the lower-margin
Izod women’s and Timberland wholesale sportswear businesses, coupled with an
increase in average unit retail selling prices and lower product costs. The
increase in earnings before interest and taxes on a GAAP basis was also
attributable to the absence of approximately $1.0 million of costs incurred in
the fourth quarter of 2011 in connection with the exit of businesses mentioned
above.

Fourth Quarter Consolidated Earnings:

On a non-GAAP basis, earnings before interest and taxes increased 38% to
$180.3 million from $130.3 million in the prior year’s fourth quarter. Driving
the overall increase in non-GAAP earnings before interest and taxes was (i) an
increase of $31.5 million in the Tommy Hilfiger business; (ii) an increase of
$16.0 million in the Heritage Brands business; and (iii) an increase of $3.7
million in the Calvin Klein business.

On a GAAP basis, earnings before interest and taxes increased 217% to $109.9
million as compared to $34.7 million in the prior year’s fourth quarter. The
increase was due principally to the net effect of the changes discussed above,
combined with the net effect of (i) a $48.0 million decrease in recognized
actuarial losses on retirement plans; (ii) a $13.4 million decrease in
integration and restructuring costs associated with the Tommy Hilfiger
acquisition and exit costs associated with the Izod women’s and Timberland
wholesale sportswear businesses; and (iii) $36.2 million of costs incurred in
the current year’s fourth quarter related to the acquisition of Warnaco.

Full Year 2012 Consolidated Results:

  *Earnings per share on a non-GAAP basis was $6.58, which includes a $0.15
    favorable impact related to the retirement plan accounting change and
    represents an increase of 21% as compared to the prior year’s earnings per
    share of $5.44 (as adjusted for the change). Absent the accounting change,
    non-GAAP earnings per share would have been $6.43 for 2012, which exceeded
    the top end of the Company’s previous guidance by $0.05, and $5.38 for
    2011.
  *GAAP earnings per share was $5.87, which includes a negative impact
    related to the accounting change and represents an increase of 55% as
    compared to the prior year’s earnings per share of $3.78 (as adjusted for
    the change). The negative impact of the change was $0.09 per share in 2012
    and $0.58 per share in 2011.
  *Revenue increased 3% to $6.043 billion, including a negative impact of 4%
    attributable to foreign currency translation and the exited sportswear
    businesses. The overall increase in revenue was due to the net impact of:

       *A 5%, or $166.2 million, increase in the Tommy Hilfiger business,
         including a negative impact of approximately $110 million, or 4%,
         related to foreign currency translation. Within the Tommy Hilfiger
         North America business, revenue increased 10%, principally driven by
         retail comparable store sales growth of 10%.Revenue in the Tommy
         Hilfiger International business increased 2%, including a negative
         impact of 6% related to foreign currency translation. On a constant
         currency basis, revenue for the Tommy Hilfiger International business
         increased 8%, driven by European retail comparable store sales growth
         of 11% and strength in the European wholesale business, partially
         offset by continued weakness in Japan, where the Company is currently
         in the process of strategically repositioning and investing in the
         brand.
       *An 8%, or $85.1 million, increase in the Calvin Klein business,
         driven primarily by (i) a 12% increase in the Company’s Calvin Klein
         outlet retail business, which was attributable to new store openings,
         store expansions and a 5% increase in comparable store sales; and
         (ii) a 16% increase in the North American wholesale business. Royalty
         revenue increased 2% as compared to the prior year period, including
         a negative impact of 1% related to foreign currency translation.
         Continued global growth in women’s sportswear, dresses, footwear and
         handbags was partially offset by a decline in royalty revenue related
         to a reduction in the European bridge apparel and accessories
         business (relating to the Company’s announcement in the first quarter
         of 2012 that it would bring the business back in-house) and continued
         weakness in jeans and women’s underwear in Europe and the United
         States.
       *A 6%, or $98.9 million, decrease in the Heritage Brands business,
         including the negative impact of 6% related to the exited sportswear
         businesses. The Company’s ongoing Heritage Brands wholesale
         sportswear businesses experienced strong growth, while the dress
         furnishings business experienced a 7% decline due principally to a
         reduction in sales to J.C. Penney. Comparable store sales in the
         Heritage Brands retail business were relatively flat.

  *On a non-GAAP basis, earnings before interest and taxes increased $69.7
    million to $751.6 million. This change resulted from:

       *An $84.1 million increase in the Tommy Hilfiger business due
         principally to the revenue increase mentioned above combined with
         gross margin improvement due primarily to higher average unit retail
         selling prices globally. Partially offsetting this increase was the
         negative impact of approximately $15 million related to foreign
         currency translation.
       *A $6.9 million increase in the Calvin Klein business attributed to
         the revenue increase discussed above, partially offset by a planned
         gross margin decline resulting principally from the impact of higher
         product costs experienced in the first half of the year.

       *A $12.0 million decrease in the Heritage Brands business due
         principally to the revenue decline mentioned above, combined with the
         negative impact of higher product costs principally in the first half
         of the year.

  *GAAP earnings before interest and taxes increased $169.2 million to $660.4
    million. This change resulted from:

       *An increase of $139.1 million in the Tommy Hilfiger business due to
         the items described above, combined with the absence of $20.7 million
         of expenses incurred in connection with the Company’s buyout of the
         perpetual license for Tommy Hilfiger in India and a $34.3 million
         decrease in integration and restructuring costs.
       *An increase of $6.9 million in the Calvin Klein business as described
         above.
       *A $27.1 million decrease in corporate expenses due principally to the
         net impact of (i) a decrease of $48.0 million in recognized actuarial
         losses on retirement plans and (ii) a net $30.9 million decrease in
         integration, restructuring and debt modification costs; partially
         offset by (iii) $42.6 million of costs incurred in the current year
         related to the acquisition of Warnaco.
       *A $3.9 million decrease in the Heritage Brands business due to the
         items described above, partially offset by the absence of $8.1
         million of business exit costs.

  *On a non-GAAP basis, the effective tax rate was 23.8% as compared to 28.3%
    in the prior year period. The GAAP effective tax rate was 20.1% as
    compared to 24.1% for the prior year period. The Company’s 2012 tax rates
    were positively impacted by an increase in the proportion of earnings
    attributable to foreign jurisdictions that are subject to favorable tax
    rates, as well as the continuation of the tax synergies achieved from the
    Tommy Hilfiger acquisition. In addition, positively impacting the 2012
    GAAP effective tax rate was a benefit resulting from the recognition of
    previously unrecognized net operating loss assets and tax credits.
    Positively impacting the 2011 GAAP effective tax rate was the revaluation
    of certain deferred tax liabilities in connection with a fourth quarter
    decrease in the statutory tax rate in Japan.

CEO Comments:

Commenting on these results, Emanuel Chirico, Chairman and Chief Executive
Officer, noted, “2012 marked another year of strong performance and sustained
growth for PVH, exceeding our expectations. The strength of our brand
portfolio, led by Calvin Klein and Tommy Hilfiger, enabled us to navigate
successfully through the global macroeconomic pressures and associated
difficult consumer spending environment, which also included higher product
costs and foreign currency volatility during the first half of the year.”

Mr. Chirico continued, “We completed our acquisition of Warnaco on February
13, 2013, and believe that the long term opportunities from this acquisition
are significant. Having now owned the business for about 45 days, we believe
that additional investments above our initial expectations are required to
achieve our goal of rebuilding the global Calvin Klein jeanswear and underwear
businesses. Therefore, we see 2013 as a year of investment and transition for
the Warnaco business. These investments include: (i) enhancing the existing
infrastructure (systems and supply chain), (ii) upgrading Calvin Klein
jeanswear product design and quality with an emphasis on geographic
differentiation, (iii) investing in in-store marketing and the in-store
customer experience, (iv) adding appropriate talent to fill key design,
marketing and merchandising positions, (v) rationalizing global excess
inventory levels, and (vi) reducing and restructuring the off-price and club
sales distribution in Europe and North America. Given these additional
investments, we now project that the overall impact of the Warnaco transaction
will be dilutive to 2013 earnings per share on a non-GAAP basis by
approximately $0.25.”

Mr. Chirico concluded, “At the core of our success and our opportunity is the
power of our global designer lifestyle brands, Calvin Klein and Tommy
Hilfiger. 2013 will be a transitional year for PVH, during which we will build
the foundation for long-term sustainable growth for our businesses across the
world. I believe we will emerge stronger and the investments we will make this
year will help drive the Calvin Klein business going forward. Further, we
believe they will pave the way for enhanced profitability and stockholder
value, translating into expected earnings per share growth in excess of 15%
per year for 2014 and beyond.”

2013 Preliminary Guidance:

Please see the section entitled “2013 Full Year and First Quarter
Reconciliations of GAAP to Non-GAAP Amounts” at the end of this release for
further detail and reconciliations of GAAP to non-GAAP amounts discussed in
this section.

Warnaco Acquisition

On February 13, 2013, the Company completed its acquisition of Warnaco. The
following provides guidance for the Company’s full year and first quarter
2013, inclusive of the operations of the acquired Warnaco business starting
from the acquisition date.

Preliminary Full Year Guidance

Revenue in 2013 is currently projected to be approximately $8.2 billion. This
amount reflects the elimination of approximately $200 million of revenue
generated, in the aggregate, by the Company and Warnaco in 2012 through
transactions between each other and approximately $100 million of additional
lost revenue from the absence of the 53rd week in 2013 and the revenue
generated by Warnaco for the first ten days of the Company’s 2013 fiscal year,
since the acquisition did not close until February 13, 2013. The Company’s
expectation for revenue from the acquired Warnaco businesses is approximately
$2.15 billion, which is relatively flat as compared to Warnaco’s 2012 revenue
(excluding approximately $230 million of revenue related to the Chaps men’s
sportswear business, which Ralph Lauren Corporation is reacquiring).

Non-GAAP earnings per share is currently projected to be approximately $7.00,
as compared to the $6.58 in 2012, reflecting approximately $0.25 per share of
dilution as a result of the Warnaco acquisition.

The Company estimates the earnings before interest and taxes on a non-GAAP
basis from the acquired Warnaco businesses will be approximately 20% lower
than the Company’s original plan, driven by the incremental investments
required in the business as discussed above. The Company projects synergies to
be realized in 2013 to be approximately $25 million versus the initial
expectation of approximately $50 million as a result of additional time needed
to realize some of the projected savings. Given the additional time required
to effect the upgrade of Warnaco’s systems and supply chain, overall synergies
of approximately $100 million are now expected to be realized over the next
four years. The Company now believes the overall impact of the transaction
will be dilutive to 2013 earnings per share on a non-GAAP basis by
approximately $0.25.

Additionally, the Calvin Klein licensing business is contending with
approximately $20 million of reduced revenue and operating income in 2013 as a
direct result of the expiration or termination of certain long-term
contractual agreements that guaranteed revenue relating to the European bridge
business, the North American women’s sportswear business and the Calvin Klein
Collection business.

The Company currently projects that 2013 interest expense will be
approximately $200 million and that the 2013 full year tax rate will be
approximately 25.5% to 26.5%.

The Company’s 2013 earnings per share estimate excludes approximately $125
million of pre-tax costs associated with the acquisition and integration of
Warnaco. (Please see section entitled “Non-GAAP Exclusions” for details on
these pre-tax costs.)

Preliminary First Quarter Guidance

Revenue in the first quarter of 2013 is expected to be approximately $1.9
billion. On a non-GAAP basis, earnings per share for the first quarter is
currently projected to be relatively flat as compared to $1.33 in the prior
year’s first quarter. The Company’s first quarter 2013 earnings per share
estimate excludes approximately $50 million of pre-tax costs associated with
the acquisition and integration of Warnaco. (Please see section entitled
“Non-GAAP Exclusions” for details on these pre-tax costs.)

Non-GAAP Exclusions:

The discussions in this release that refer to non-GAAP amounts exclude the
following:

  *Pre-tax costs of approximately $125 million expected to be incurred in
    2013 in connection with the acquisition of Warnaco, of which $50 million
    is expected to be incurred in the first quarter.

  *Pre-tax costs of $20.5 million incurred in 2012 principally in connection
    with the integration of Tommy Hilfiger and the related restructuring, of
    which $3.3 million was incurred in the first quarter, $4.5 million was
    incurred in the second quarter, $6.6 million was incurred in the third
    quarter, and $6.1 million was incurred in the fourth quarter.
  *Pre-tax costs of $42.6 million incurred in 2012 in connection with the
    acquisition of Warnaco, of which $6.4 million was incurred in the third
    quarter and $36.2 million was incurred in the fourth quarter.
  *A pre-tax expense of $28.1 million recorded in the fourth quarter of 2012
    related to recognized actuarial losses on retirement plans.
  *Pre-tax interest expense of $3.7 million recorded in the fourth quarter of
    2012 related to $700 million of new senior notes, which were issued during
    the fourth quarter to fund a portion of the purchase price for the Warnaco
    acquisition.
  *A tax benefit of $14.0 million in 2012 related to the recognition of
    previously unrecognized net operating loss assets and tax credits, of
    which $4.5 million was recorded in the third quarter and $9.5 million was
    recorded in the fourth quarter.
  *Pre-tax costs of $69.5 million incurred in 2011 in connection with the
    integration of Tommy Hilfiger and the related restructuring, of which
    $30.5 million was incurred in the first quarter, $11.2 million was
    incurred in the second quarter, $9.3 million was incurred in the third
    quarter, and $18.6 million was incurred in the fourth quarter.
  *Pre-tax costs of $16.2 million incurred in the first quarter of 2011 in
    connection with the amendment and restatement of the Company’s credit
    facility.
  *Pre-tax costs of $8.1 million incurred in 2011 in connection with the
    Company’s negotiated early termination of its license to market sportswear
    under the Timberland brand and the Company’s 2012 exit from the Izod
    women’s wholesale sportswear business, of which $6.7 million was incurred
    in the second quarter, $0.5 million was incurred in the third quarter and
    $1.0 million was incurred in the fourth quarter.
  *A pre-tax expense of $20.7 million incurred in the third quarter of 2011
    in connection with the Company’s reacquisition of the rights in India to
    the Tommy Hilfiger trademarks that had been subject to a perpetual
    license, as under accounting rules, the Company was required to record an
    expense due to settling the preexisting license agreement, which was
    unfavorable to the Company.

  *A pre-tax expense of $76.1 million recorded in the fourth quarter of 2011
    related to recognized actuarial losses on retirement plans.
  *A tax benefit of $5.4 million recorded in the fourth quarter of 2011
    resulting from revaluing certain deferred tax liabilities in connection
    with a decrease in the statutory tax rate in Japan.
  *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 or
    actuarial loss on retirement plans immediately recognized in earnings 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.

Please see Tables 1 through 6 and the sections entitled “2013 Full Year and
First Quarter Reconciliations of GAAP to Non-GAAP Amounts” and “Appendix A”
later in this release for reconciliations of GAAP to non-GAAP amounts.

The Company webcasts its conference calls to review its earnings releases. The
Company’s conference call to review its year end earnings release is scheduled
for Thursday, March 28, 2013 at 9:00 a.m. EDT. Please log on either to the
Company’s web site at  www.pvh.com and go to the Press Releases page under the
Investors tab or to www.companyboardroom.com to listen to the live webcast of
the conference call. The webcast will be available for replay for one year
after it is held, commencing approximately two hours after the live broadcast
ends. Please log on to www.pvh.com or www.companyboardroom.com as described
above to listen to the replay. In addition, an audio replay of the conference
call is available for 48 hours starting approximately two hours after it is
held. The replay of the conference call can be accessed by calling (domestic)
888-203-1112 and (international) 719-457-0820 and using passcode #5764063. The
conference call and webcast consist of copyrighted material. They may not be
re-recorded, reproduced, re-transmitted, rebroadcast or otherwise used without
the Company’s express written permission. Your participation represents your
consent to these terms and conditions, which are governed by New York law.

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995: Forward-looking statements in this press release and made during the
conference call/webcast, 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”).

This press release includes, and the conference call/webcast will include,
certain non-GAAP financial measures, as defined under SEC rules. A
reconciliation of these measures is included in the financial information
later in this release, as well as in the Company’s Current Report on Form 8-K
furnished to the SEC in connection with this earnings release, which is
available on the Company’s website at www.pvh.com and on the SEC’s website at
www.sec.gov.

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.

                                                                 
PVH CORP.

Consolidated
GAAP Income
Statements

(In thousands,
except per
share data)
                                                                           
                                                         
                   Quarter Ended                         Year Ended
                   2/3/13            1/29/12  ^(1)       2/3/13            1/29/12 
                                                                           ^(1)
                                                                           
Net sales          $ 1,506,910       $ 1,407,818         $ 5,540,821       $ 5,410,028
Royalty            98,102            94,483              370,019           356,035
revenue
Advertising
and other          31,188           30,535             132,159          124,561
revenue
Total revenue      $ 1,636,200      $ 1,532,836        $ 6,042,999      $ 5,890,624
                                                                           
Gross profit       $ 751,366         $ 649,192           $ 2,747,052       $ 2,575,293
on net sales
Gross profit
on royalty,
advertising        129,290          125,018            502,178          480,596
and other
revenue
Total gross        880,656           774,210             3,249,230         3,055,889
profit
                                                                           
Selling,
general and        771,172           740,057             2,594,315         2,549,850
administrative
expenses
                                                                           
Debt
modification                                                               16,233
costs
                                                                           
Equity in
income of          404              511                5,447            1,367
unconsolidated
affiliates
                                                                           
Earnings
before             109,888           34,664              660,362           491,173
interest and
taxes
                                                                           
Interest           31,367           32,030             117,250          128,088
expense, net
                                                                           
Pre-tax income     78,521            2,634               543,112           363,085
                                                                           
Income tax
expense            (2,227      )     (32,890     )       109,272          87,388
(benefit)
                                                                           
Net income         $ 80,748         $ 35,524           $ 433,840        $ 275,697
                                                                           
Diluted net
income per         $ 1.09         $ 0.48             $ 5.87         $ 3.78
common
share^(2)
                                                                           
                   Quarter Ended                         Year Ended
                   2/3/13            1/29/12             2/3/13            1/29/12
                                                                           
Depreciation
and                $ 37,812          $ 33,242            $ 140,356         $ 132,010
amortization
expense
                                                                             

Please see following pages for information related to non-GAAP measures
discussed in this release.

       In the fourth quarter of 2012, the Company changed its method of
       accounting for its retirement plans to (i) calculate expected return on
^(1)  plan assets using the fair value of plan assets; and (ii) immediately
       recognize actuarial gains and losses in its operating results in the
       year in which they occur. Prior periods have been retrospectively
       adjusted to reflect the effect of these accounting changes.
^(2)   Please see Note A in the Notes to Consolidated GAAP Income Statements
       for reconciliations of diluted net income per common share.
       

PVH CORP.
Non-GAAP Measures
(In thousands, except per share data)

The Company believes presenting its results excluding (i) the costs incurred
in 2012 and 2011 in connection with its integration of Tommy Hilfiger B.V. and
certain affiliated companies (collectively, “Tommy Hilfiger”) and the related
restructuring; (ii) the costs incurred in 2012 in connection with its
acquisition of Warnaco, which closed on February 13, 2013; (iii) the interest
expense incurred in 2012 in connection with the issuance of $700 million of
senior notes related to the Company’s acquisition of The Warnaco Group, Inc.
(“Warnaco”); (iv) the expense incurred in 2011 associated with settling the
unfavorable preexisting license agreement in connection with its buyout of the
perpetual license for Tommy Hilfiger in India; (v) the costs incurred in 2011
in connection with the modification of its credit facility; (vi) the costs
incurred in 2011 in connection with the negotiated early termination of its
license to market sportswear under the Timberland brand and its exit from the
Izod women’s wholesale sportswear business; (vii) the recognized actuarial
losses on retirement plans in 2012 and 2011; (viii) the tax effects associated
with these costs; (ix) the tax benefit in 2012 resulting from the recognition
of previously unrecognized net operating loss assets and tax credits; and (x)
the tax benefit in 2011 resulting from revaluing certain deferred tax
liabilities due to a decrease in the statutory tax rate in Japan, which are on
a non-GAAP basis for each year, provides useful additional information to
investors.The Company excludes such amounts that it deems non-recurring or
non-operational and believes that this (i) 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 and (ii) assists investors in evaluating the
effectiveness of the Company’s operations and underlying business trends in a
manner that is consistent with management’s evaluation of business
performance. The Company believes that investors often look at ongoing
operations of an enterprise as a measure of assessing performance. 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 results excluding the costs described
in (i) through (viii) of the first sentence are also the basis for certain
incentive compensation calculations.

The following table presents the Company’s GAAP revenue and the non-GAAP
measures that are discussed in this release. Please see Tables 1 through 6 for
reconciliations of the GAAP amounts to non-GAAP amounts.

                                                                   
                   Quarter Ended                           Year Ended
                   2/3/13              1/29/12  ^(1)       2/3/13              1/29/12 
                                                                               ^(1)
                                                                               
GAAP total         $ 1,636,200        $ 1,532,836        $ 6,042,999        $ 5,890,624
revenue
                                                                               
Non-GAAP
Measures
Total gross                            $ 776,263                               $ 3,063,516
profit^(2)
Selling,
general and        $ 700,756           646,451             $ 2,503,069         2,383,008
administrative
expenses^(3)
Earnings
before             180,304             130,323             751,608             681,875
interest and
taxes^(4)
Interest           27,711                                  113,594
expense^(5)
Income tax         34,059              10,982              151,654             156,864
expense^(6)
Net income^(7)     118,534             87,311              486,360             396,923
Diluted net
income per         $ 1.60          $ 1.19             $ 6.58          $ 5.44
common
share^(8)
                                                                                 

       In the fourth quarter of 2012, the Company changed its method of
       accounting for its retirement plans to (i) calculate expected return on
^(1)  plan assets using the fair value of plan assets; and (ii) immediately
       recognize actuarial gains and losses in its operating results in the
       year in which they occur. Prior periods have been retrospectively
       adjusted to reflect the effect of these accounting changes.
^(2)   Please see Table 3 for reconciliation of GAAP to non-GAAP gross profit.
^(3)   Please see Table 4 for reconciliation of GAAP to non-GAAP selling,
       general and administrative expenses (“SG&A”).
^(4)   Please see Table 2 for reconciliation of GAAP to non-GAAP earnings
       before interest and taxes.
^(5)   Please see Table 5 for reconciliation of GAAP to non-GAAP interest
       expense.
       Please see Table 6 for reconciliation of GAAP to non-GAAP income tax
^(6)   expense and an explanation of the calculation of the tax effects
       associated with acquisition, integration, restructuring and debt
       modification costs and actuarial losses on retirement plans.
^(7)   Please see Table 1 for reconciliation of GAAP to non-GAAP net income.
^(8)   Please see Note A in the Notes to Consolidated GAAP Income Statements
       for reconciliations of diluted net income per common share.
       


PVH CORP.

Reconciliations of GAAP to Non-GAAP Amounts

(In thousands, except per share data)

Table 1 - Reconciliation of GAAP net income to non-GAAP net income
                                                         
                  Quarter Ended                    Year Ended
                  2/3/13          1/29/12          2/3/13          1/29/12 
                                  ^(1)                             ^(1)
                                                                   
Net income        $ 80,748        $ 35,524         $ 433,840       $ 275,697
                                                                   
Diluted net
income per        $ 1.09          $ 0.48           $ 5.87          $ 3.78
common
share^(2)
                                                                   
Items
excluded:
                                                                   
Inventory
liquidation
costs
associated
with exit of
certain Tommy                     2,053                            7,627
Hilfiger
product
categories
(gross
margin)
                                                                   
Actuarial
losses on         28,142          76,120           28,142          76,120
retirement
plans
                                                                   
SG&A expenses
associated
with buyout
of perpetual                                                       20,709
license for
Tommy
Hilfiger in
India
                                                                   
SG&A expenses
associated
with Tommy
Hilfiger          6,107           16,520           20,525          61,895
integration
and related
restructuring
                                                                   
SG&A expenses
associated
with
negotiated
termination
of license to
market
Timberland                        966                              8,118
sportswear
and exit from
the Izod
women’s
wholesale
sportswear
business
                                                                   
SG&A expenses
associated
with              36,167                           42,579
acquisition
of Warnaco
                                                                   
Debt
modification                                                       16,233
costs
                                                                   
Interest
expense
associated
with issuance
of $700M of       3,656                            3,656
senior notes
related to
acquisition
of Warnaco
                                                                   
Tax effect of
the items         (26,835   )     (38,520  )       (28,431   )     (64,124   )
above^(3)
                                                                   
Tax benefit
resulting
from
recognition
of previously     (9,451    )                      (13,951   )
unrecognized
net operating
loss assets
and tax
credits
                                                                   
Tax benefit
resulting
from
revaluing
certain
deferred tax
liabilities                      (5,352   )                      (5,352    )
in connection
with a
decrease in
the statutory
tax rate in
Japan
                                                                   
Non-GAAP net      $ 118,534       $ 87,311         $ 486,360       $ 396,923
income
                                                                   
Non-GAAP
diluted net
income per        $ 1.60       $ 1.19          $ 6.58       $ 5.44    
common
share^(2)


       In the fourth quarter of 2012, the Company changed its method of
       accounting for its retirement plans to (i) calculate expected return on
^(1)  plan assets using the fair value of plan assets; and (ii) immediately
       recognize actuarial gains and losses in its operating results in the
       year in which they occur. Prior periods have been retrospectively
       adjusted to reflect the effect of these accounting changes.
^(2)   Please see Note A in the Notes to the Consolidated GAAP Income
       Statements for reconciliations of diluted net income per common share.
^(3)   Please see Table 6 for an explanation of the calculation of the tax
       effects of the above items.
       


PVH CORP.

Reconciliations of GAAP to Non-GAAP Amounts (continued)

(In thousands)

Table 2 - Reconciliation of GAAP earnings before interest and taxes to
non-GAAP earnings before interest and taxes
                                                           
                   Quarter Ended                     Year Ended
                   2/3/13          1/29/12           2/3/13          1/29/12 
                                   ^(1)                              ^(1)
                                                                     
Earnings
before             $ 109,888       $ 34,664          $ 660,362       $ 491,173
interest and
taxes
                                                                     
Items
excluded:
                                                                     
Inventory
liquidation
costs
associated
with exit of                       2,053                             7,627
certain Tommy
Hilfiger
product
categories
(gross margin)
                                                                     
Actuarial
losses on          28,142          76,120            28,142          76,120
retirement
plans
                                                                     
SG&A expenses
associated
with buyout of
perpetual                                                            20,709
license for
Tommy Hilfiger
in India
                                                                     
SG&A expenses
associated
with Tommy
Hilfiger           6,107           16,520            20,525          61,895
integration
and related
restructuring
                                                                     
SG&A expenses
associated
with
negotiated
termination of
license to
market                             966                               8,118
Timberland
sportswear and
exit from the
Izod women’s
wholesale
sportswear
business
                                                                     
SG&A expenses
associated
with               36,167                            42,579
acquisition of
Warnaco
                                                                     
Debt
modification                                                      16,233
costs
                                                                     
Non-GAAP
earnings
before            $ 180,304    $ 130,323        $ 751,608    $ 681,875
interest and
taxes


       In the fourth quarter of 2012, the Company changed its method of
       accounting for its retirement plans to (i) calculate expected return on
^(1)  plan assets using the fair value of plan assets; and (ii) immediately
       recognize actuarial gains and losses in its operating results in the
       year in which they occur. Prior periods have been retrospectively
       adjusted to reflect the effect of these accounting changes.
       

                                                            
Table 3 - Reconciliation of GAAP gross profit to non-GAAP gross profit
                                                             
                                              Quarter Ended      Year Ended
                                               1/29/12             1/29/12
                                                                   
Gross profit                                   $  774,210          $ 3,055,889
                                                                   
Items excluded:
                                                                   
Inventory liquidation costs associated
with exit of certain Tommy Hilfiger            2,053              7,627
product categories
                                                                   
Non-GAAP gross profit                          $  776,263         $ 3,063,516
                                                                     


PVH CORP.

Reconciliations of GAAP to Non-GAAP Amounts (continued)

(In thousands)

Table 4 - Reconciliation of GAAP SG&A to non-GAAP SG&A
                                                            
                  Quarter Ended                     Year Ended
                  2/3/13          1/29/12           2/3/13            1/29/12  ^(1)
                                  ^(1)
                                                                      
SG&A              $ 771,172       $ 740,057         $ 2,594,315       $ 2,549,850
                                                                      
Items
excluded:
                                                                      
Actuarial
losses on         (28,142   )     (76,120   )       (28,142     )     (76,120     )
retirement
plans
                                                                      
SG&A expenses
associated
with buyout
of perpetual                                                          (20,709     )
license for
Tommy
Hilfiger in
India
                                                                      
SG&A expenses
associated
with Tommy
Hilfiger          (6,107    )     (16,520   )       (20,525     )     (61,895     )
integration
and related
restructuring
                                                                      
SG&A expenses
associated
with
negotiated
termination
of license to
market
Timberland                        (966      )                         (8,118      )
sportswear
and exit from
the Izod
women’s
wholesale
sportswear
business
                                                                      
SG&A expenses
associated
with              (36,167   )                      (42,579     )     
acquisition
of Warnaco
                                                                      
Non-GAAP SG&A     $ 700,756     $ 646,451        $ 2,503,069      $ 2,383,008 


       In the fourth quarter of 2012, the Company changed its method of
       accounting for its retirement plans to (i) calculate expected return on
^(1)  plan assets using the fair value of plan assets; and (ii) immediately
       recognize actuarial gains and losses in its operating results in the
       year in which they occur. Prior periods have been retrospectively
       adjusted to reflect the effect of these accounting changes.
       


Table 5 - Reconciliation of GAAP net interest expense to non-GAAP net interest
expense
                                                              
                                               Quarter Ended       Year Ended
                                               2/3/13              2/3/13
                                                                   
Interest expense, net                          $  31,367           $ 117,250
                                                                   
Items excluded:
                                                                   
Interest expense associated with issuance of
$700M of senior notes related to acquisition   (3,656     )        (3,656    )
of Warnaco
                                                                   
Non-GAAP interest expense, net                 $  27,711          $ 113,594 
                                                                             


PVH CORP.

Reconciliations of GAAP to Non-GAAP Amounts (continued)

(In thousands)

Table 6 - Reconciliation of GAAP income tax expense to non-GAAP income tax
expense
                                                          
                   Quarter Ended                     Year Ended
                   2/3/13         1/29/12            2/3/13        1/29/12 
                                  ^(1)                             ^(1)
                                                                   
Income tax
expense            $ (2,227 )     $  (32,890 )       $ 109,272     $  87,388
(benefit)
                                                                   
Items excluded:
                                                                   
Income tax
effect of
acquisition,
integration,
restructuring
and debt           26,835         38,520             28,431        64,124
modification
costs and
actuarial losses
on retirement
plans ^(2)
                                                                   
Tax benefit
resulting from
recognition of
previously         9,451                             13,951
unrecognized net
operating loss
assets and tax
credits
                                                                   
Tax benefit
resulting from
revaluing
certain deferred
tax liabilities                  5,352                          5,352
in connection
with a decrease
in the statutory
tax rate in
Japan
                                                                   
Non-GAAP income    $ 34,059    $  10,982         $ 151,654   $  156,864
tax expense


       In the fourth quarter of 2012, the Company changed its method of
       accounting for its retirement plans to (i) calculate expected return on
^(1)  plan assets using the fair value of plan assets; and (ii) immediately
       recognize actuarial gains and losses in its operating results in the
       year in which they occur. Prior periods have been retrospectively
       adjusted to reflect the effect of these accounting changes.
       The estimated tax effects of the Company’s acquisition, integration,
       restructuring and debt modification costs and actuarial losses on
       retirement plans 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
       and debt modification cost and actuarial loss on retirement plans to
^(2)   determine if such item is tax deductible, and if so, in what
       jurisdiction the deduction would occur. All of the Company’s
       acquisition, integration, restructuring and debt modification costs and
       actuarial losses on retirement plans 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.
       

                                                            
PVH CORP.

Notes to Consolidated GAAP Income Statements

(In thousands, except per share data)
                                                                           
A. The Company computed its diluted net income per common share as follows:
                                                                           
                Quarter Ended                                     Quarter Ended
                2/3/13                                            1/29/12 ^(1)
                GAAP                          Non-GAAP        GAAP                          Non-GAAP
                Results      Adjustments          Results         Results      Adjustments          Results
                                                                                                    
Net income      $ 80,748     $ (37,786 ) ^(2)     $ 118,534       $ 35,524     $ (51,787 ) ^(3)     $ 87,311
                                                                                                    
Weighted
average         72,040                            72,040          67,478                            67,478
common
shares
Weighted
average         1,589                             1,589           1,601                             1,601
dilutive
securities
Weighted
average
impact of
assumed         684                               684             4,189                             4,189
convertible
preferred
stock
conversion
Total           74,313                            74,313          73,268                            73,268
shares
                                                                                                    
Diluted net
income per      $ 1.09                            $ 1.60          $ 0.48                            $ 1.19
common
share

                                                             
                Year Ended                                         Year Ended
                2/3/13                                             1/29/12 ^(1)
                GAAP                           Non-GAAP        GAAP                            Non-GAAP
                Results       Adjustments          Results         Results       Adjustments           Results
                                                                                                       
Net income      $ 433,840     $ (52,520 ) ^(2)     $ 486,360       $ 275,697     $ (121,226 ) ^(3)     $ 396,923
                                                                                                       
Weighted
average         70,392                             70,392          67,158                              67,158
common
shares
Weighted
average         1,397                              1,397           1,576                               1,576
dilutive
securities
Weighted
average
impact of
assumed         2,087                              2,087           4,189                               4,189
convertible
preferred
stock
conversion
Total           73,876                             73,876          72,923                              72,923
shares
                                                                                                       
Diluted net
income per      $ 5.87                             $ 6.58          $ 3.78                              $ 5.44
common
share
                                                                                                         

       In the fourth quarter of 2012, the Company changed its method of
       accounting for its retirement plans to (i) calculate expected return on
^(1)  plan assets using the fair value of plan assets; and (ii) immediately
       recognize actuarial gains and losses in its operating results in the
       year in which they occur. Prior periods have been retrospectively
       adjusted to reflect the effect of these accounting changes.
       Represents the impact on net income in the quarter and year ended
       February 3, 2013 from the elimination of (i) the costs incurred in
       connection with the Company’s integration of Tommy Hilfiger and the
       related restructuring; (ii) the costs incurred in connection with the
       Company’s acquisition of Warnaco, which closed on February 13, 2013;
^(2)   (iii) the interest expense incurred in connection with the issuance of
       $700 million of senior notes related to the Company’s acquisition of
       Warnaco; (iv) the recognized actuarial loss on retirement plans; (v)
       the tax effects associated with these costs; and (vi) the tax benefit
       resulting from the recognition of previously unrecognized net operating
       loss assets and tax credits. Please see Table 1 for a reconciliation of
       GAAP net income to non-GAAP net income.
       Represents the impact on net income in the quarter and year ended
       January 29, 2012 from the elimination of (i) the costs incurred in
       connection with the Company’s integration of Tommy Hilfiger and the
       related restructuring; (ii) the expense incurred associated with
       settling the unfavorable preexisting license agreement in connection
       with its buyout of the perpetual license for Tommy Hilfiger in India;
       (iii) the costs incurred in connection with the Company’s modification
^(3)   of its credit facility; (iv) the costs incurred in connection with the
       Company’s negotiated early termination of its license to market
       sportswear under the Timberland brand and its exit from the Izod
       women’s wholesale sportswear business; (v) the recognized actuarial
       loss on retirement plans; (vi) the tax effects associated with these
       costs; and (vii) the tax benefit resulting from revaluing certain
       deferred tax liabilities due to a decrease in the statutory tax rate in
       Japan. Please see Table 1 for a reconciliation of GAAP net income to
       non-GAAP net income.
       

                                                       
PVH CORP.

Consolidated Balance Sheets

(In thousands)
                                                            
                                          February 3,       January 29,
                                          2013              2012
ASSETS
Current Assets:
Cash and Cash Equivalents ^(1)            $ 892,209         $ 233,197
Receivables                               441,324           480,965
Inventories                               878,415           809,009
Other Current Assets                      225,058          216,064
Total Current Assets                      2,437,006         1,739,235
Property, Plant and Equipment             561,335           458,891
Goodwill and Other Intangible Assets      4,539,892         4,380,853
Other Assets                              243,316          173,382
                                          $ 7,781,549      $ 6,752,361
                                                            
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts Payable and Accrued Expenses     $ 1,063,600       $ 960,880
Short-Term Borrowings                     10,847            13,040
Current Portion of Long-Term Debt         88,000            69,951
Other Liabilities                         1,154,891         1,160,116
Long-Term Debt ^(1)                       2,211,642         1,832,925
Stockholders’ Equity                      3,252,569        2,715,449
                                          $ 7,781,549      $ 6,752,361
                                                              

       Cash and Cash Equivalents and Long-Term Debt as of February 3, 2013
^(1)  include the impact of the issuance of $700 million of senior notes
       related to the acquisition of Warnaco.
       

                                                           
PVH CORP.
Segment Data
(In thousands)
REVENUE BY SEGMENT
                                             Quarter Ended       Quarter Ended
                                             2/3/13              1/29/12
Heritage Brand Wholesale Dress
Furnishings
Net sales                                    $ 142,906           $  143,265
Royalty revenue                              1,430               1,524
Advertising and other revenue                718                855
Total                                        145,054             145,644
                                                                 
Heritage Brand Wholesale Sportswear
Net sales                                    98,060              118,379
Royalty revenue                              2,424               2,362
Advertising and other revenue                399                398
Total                                        100,883             121,139
                                                                 
Heritage Brand Retail
Net sales                                    180,494             170,611
Royalty revenue                              1,054               1,017
Advertising and other revenue                241                111
Total                                        181,789             171,739
                                                          
Total Heritage Brands
Net sales                                    421,460             432,255
Royalty revenue                              4,908               4,903
Advertising and other revenue                1,358              1,364
Total                                        427,726             438,522
                                                          
Other (Calvin Klein Apparel)
Net sales                                    211,050            167,896
Total                                        211,050             167,896
                                                                 
Calvin Klein Licensing
Net sales                                    5,644               14,022
Royalty revenue                              73,762              70,511
Advertising and other revenue                26,913             26,042
Total                                        106,319             110,575
                                                          
Total Calvin Klein
Net sales                                    216,694             181,918
Royalty revenue                              73,762              70,511
Advertising and other revenue                26,913             26,042
Total                                        317,369             278,471
                                                          
Tommy Hilfiger North America
Net sales                                    399,594             362,151
Royalty revenue                              6,186               4,192
Advertising and other revenue                1,672              1,723
Total                                        407,452             368,066
                                                                 
Tommy Hilfiger International
Net sales                                    469,162             431,494
Royalty revenue                              13,246              14,877
Advertising and other revenue                1,245              1,406
Total                                        483,653             447,777
                                                          
Total Tommy Hilfiger
Net sales                                    868,756             793,645
Royalty revenue                              19,432              19,069
Advertising and other revenue                2,917              3,129
Total                                        891,105             815,843
                                                          
Total Revenue
Net sales                                    1,506,910           1,407,818
Royalty revenue                              98,102              94,483
Advertising and other revenue                31,188             30,535
Total                                        $ 1,636,200        $  1,532,836
                                                                    

                                                                                                 
PVH CORP.
Segment Data
(continued)
(In
thousands)
                                                                                                               
EARNINGS BEFORE INTEREST AND TAXES BY SEGMENT
                                                                                     
                  Quarter Ended                                           Quarter Ended
                  2/3/13                                                  1/29/12 ((1))
                  Results                                                 Results
                  Under                                 Non-GAAP          Under                                Non-GAAP
                  GAAP              Adjustments^(2)     Results           GAAP             Adjustments^(3)     Results
                                                                                                               
Heritage
Brand
Wholesale         $ 20,585                              $ 20,585          $ 17,571                             $ 17,571
Dress
Furnishings
                                                                                                               
Heritage
Brand             3,542                                 3,542             (8,720   )    $ (966       )        (7,754    )
Wholesale
Sportswear
                                                                                                               
Heritage          2,431                              2,431            704                               704       
Brand Retail
                                                                                             
Total
Heritage        26,558                         26,558           9,555        (966       )      10,521    
Brands
                                                                                                               
Other (Calvin
Klein             27,412                                27,412            18,836                               18,836
Apparel)
                                                                                                               
Calvin Klein      46,378                             46,378           51,299                            51,299    
Licensing
                                                                                             
Total Calvin    73,790                         73,790           70,135                        70,135    
Klein
                                                                                                               
Tommy
Hilfiger          52,491                                52,491            20,406           (11,141    )        31,547
North America
                                                                                                               
Tommy
Hilfiger          43,636         $ (5,643     )        49,279           35,222         (3,471     )        38,693    
International
                                                                                             
Total Tommy     96,127        (5,643     )      101,770          55,628       (14,612    )      70,240    
Hilfiger
                                                                                                               
Corporate         (86,587   )      (64,773    )        (21,814   )       (100,654 )     (80,081    )        (20,573   )
                                                                                                               
Total
earnings
before            $ 109,888      $ (70,416    )        $ 180,304        $ 34,664      $ (95,659    )        $ 130,323 
interest and
taxes
                                                                                                                         

       In the fourth quarter of 2012, the Company changed its method of
       accounting for its retirement plans to (i) calculate expected return on
^(1)  plan assets using the fair value of plan assets; and (ii) immediately
       recognize actuarial gains and losses in its operating results in the
       year in which they occur. Prior periods have been retrospectively
       adjusted to reflect the effect of these accounting changes.
       Adjustments for the quarter ended February 3, 2013 represent the
       elimination of (i) the costs incurred in connection with the Company’s
^(2)   integration of Tommy Hilfiger and the related restructuring; (ii) the
       costs incurred in connection with the Company’s acquisition of Warnaco,
       which closed on February 13, 2013; and (iii) the recognized actuarial
       loss on retirement plans.
       Adjustments for the quarter ended January 29, 2012 represent the
       elimination of (i) the costs incurred in connection with the Company’s
       integration of Tommy Hilfiger and the related restructuring; (ii) the
^(3)   costs incurred in connection with the Company’s negotiated early
       termination of its license to market sportswear under the Timberland
       brand and its exit from the Izod women’s wholesale sportswear business;
       and (iii) the recognized actuarial loss on retirement plans.
       

                                                            
PVH CORP.
Segment Data (continued)
(In thousands)
REVENUE BY SEGMENT
                                               Year Ended        Year Ended
                                               2/3/13            1/29/12
Heritage Brand Wholesale Dress Furnishings
Net sales                                      $ 523,795         $ 564,898
Royalty revenue                                5,576             6,158
Advertising and other revenue                  2,875            2,169
Total                                          532,246           573,225
                                                                 
Heritage Brand Wholesale Sportswear
Net sales                                      467,986           537,284
Royalty revenue                                9,901             10,008
Advertising and other revenue                  1,997            1,687
Total                                          479,884           548,979
                                                                 
Heritage Brand Retail
Net sales                                      657,556           646,769
Royalty revenue                                4,771             4,822
Advertising and other revenue                  1,186            772
Total                                          663,513           652,363
                                                           
Total Heritage Brands
Net sales                                      1,649,337         1,748,951
Royalty revenue                                20,248            20,988
Advertising and other revenue                  6,058            4,628
Total                                          1,675,643         1,774,567
                                                           
Other (Calvin Klein Apparel)
Net sales                                      724,962          637,870
Total                                          724,962           637,870
                                                                 
Calvin Klein Licensing
Net sales                                      34,971            45,796
Royalty revenue                                277,369           273,002
Advertising and other revenue                  113,064          108,588
Total                                          425,404           427,386
                                                           
Total Calvin Klein
Net sales                                      759,933           683,666
Royalty revenue                                277,369           273,002
Advertising and other revenue                  113,064          108,588
Total                                          1,150,366         1,065,256
                                                           
Tommy Hilfiger North America
Net sales                                      1,399,323         1,273,829
Royalty revenue                                22,364            16,850
Advertising and other revenue                  8,073            7,016
Total                                          1,429,760         1,297,695
                                                                 
Tommy Hilfiger International
Net sales                                      1,732,228         1,703,582
Royalty revenue                                50,038            45,195
Advertising and other revenue                  4,964            4,329
Total                                          1,787,230         1,753,106
                                                           
Total Tommy Hilfiger
Net sales                                      3,131,551         2,977,411
Royalty revenue                                72,402            62,045
Advertising and other revenue                  13,037           11,345
Total                                          3,216,990         3,050,801
                                                           
Total Revenue
Net sales                                      5,540,821         5,410,028
Royalty revenue                                370,019           356,035
Advertising and other revenue                  132,159          124,561
Total                                          $ 6,042,999      $ 5,890,624
                                                                   

                                                                                             
PVH CORP.
Segment Data (continued)
(In
thousands)
                                                                                                          
EARNINGS BEFORE INTEREST AND TAXES BY SEGMENT
                                                                      
                  Year Ended                                          Year Ended
                  2/3/13                                              1/29/12 ^(1)
                  Results                                             Results
                  Under                               Non-GAAP        Under                               Non-GAAP
                  GAAP            Adjustments^(2)     Results         GAAP            Adjustments^(3)     Results
                                                                                                          
Heritage
Brand
Wholesale         $ 66,204                            $ 66,204        $ 78,400                            $ 78,400
Dress
Furnishings
                                                                                                          
Heritage
Brand             34,883                              34,883          11,327          $   (8,118)         19,445
Wholesale
Sportswear
                                                                                                          
Heritage          13,498                           13,498         28,731                            28,731    
Brand Retail
                                                                                         
Total
Heritage        114,585                       114,585        118,458      (8,118)           126,576   
Brands
                                                                                                          
Other (Calvin
Klein             89,921                              89,921          88,700                              88,700
Apparel)
                                                                                                          
Calvin Klein      194,747                          194,747        189,105                           189,105   
Licensing
                                                                                         
Total Calvin    284,668                       284,668        277,805                       277,805   
Klein
                                                                                                          
Tommy
Hilfiger          200,121         $    (379)          200,500         81,142          (44,704)            125,846
North America
                                                                                                          
Tommy
Hilfiger          220,812            (15,441)       236,253        200,697        (26,128)            226,825   
International
                                                                                         
Total Tommy     420,933           (15,820)     436,753        281,839      (70,832)          352,671   
Hilfiger
                                                                                                          
Corporate         (159,824)           (75,426)       (84,398   )     (186,929  )     (111,752)           (75,177   )
                                                                                                          
Total
earnings
before            $ 660,362      $    (91,246)       $ 751,608      $ 491,173      $   (190,702)       $ 681,875 
interest and
taxes
                                                                                                                    

       In the fourth quarter of 2012, the Company changed its method of
       accounting for its retirement plans to (i) calculate expected return on
^(1)  plan assets using the fair value of plan assets; and (ii) immediately
       recognize actuarial gains and losses in its operating results in the
       year in which they occur. Prior periods have been retrospectively
       adjusted to reflect the effect of these accounting changes.
       Adjustments for the year ended February 3, 2013 represent the
       elimination of (i) the costs incurred in connection with the Company’s
^(2)   integration of Tommy Hilfiger and the related restructuring; (ii) the
       costs incurred in connection with the Company’s acquisition of Warnaco,
       which closed on February 13, 2013; and (iii) the recognized actuarial
       loss on retirement plans.
       Adjustments for the year ended January 29, 2012 represent the
       elimination of (i) the costs incurred in connection with the Company’s
       integration of Tommy Hilfiger and the related restructuring; (ii) the
       expense incurred associated with settling the unfavorable preexisting
       license agreement in connection with its buyout of the perpetual
^(3)   license for Tommy Hilfiger in India; (iii) the costs incurred in
       connection with the Company’s modification of its credit facility; (iv)
       the costs incurred in connection with the Company’s negotiated early
       termination of its license to market sportswear under the Timberland
       brand and its exit from the Izod women’s wholesale sportswear business;
       and (v) the recognized actuarial loss on retirement plans.
       

PVH CORP.
2013 Full Year and First Quarter Reconciliations of GAAP to Non-GAAP Amounts

The Company is presenting its 2013 estimated results excluding (a) the costs
expected to be incurred in connection with its acquisition and integration of
Warnaco, including the related restructuring; (b) the actuarial loss expected
to be incurred on retirement plans; and (c) the estimated tax effects
associated with these costs, which is on a non-GAAP basis. The Company
believes presenting these results on a non-GAAP basis provides useful
additional information to investors. The Company excludes such amounts that it
deems non-recurring or non-operational and believes that this (i) 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 and (ii) assists investors in
evaluating the effectiveness of the Company’s operations and underlying
business trends in a manner that is consistent with management’s evaluation of
business 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 amounts
referred to in clauses (a), (b) and (c), above, are also excluded from
earnings per share calculations for purposes of incentive compensation awards.
The estimated tax effects associated with the above 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
acquisition, integration or restructuring cost and actuarial loss on
retirement plans 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.

                                                            
(Dollar amounts in millions, except per share data)
                                                                 
                                                                 First Quarter
2013 Net Income Per Common Share              Full Year 2013
Reconciliations                                                  2013
                                              (Estimated)
                                                                 (Estimated)
                                                                 
GAAP net income per common share              $5.88              $0.88
Estimated per common share impact of
after tax acquisition, integration and        $1.12              $0.45
restructuring costs and actuarial loss on
retirement plans
Net income per common share excluding
impact of acquisition, integration and        $7.00              $1.33
restructuring costs and actuarial loss on
retirement plans
                                                                 

The GAAP net income per common share amounts presented in the above table are
being provided solely to comply with applicable SEC rules and are not, and
should not be construed to be, guidance for the Company’s 2013 fiscal year.
The Company’s net income per common share, as well as the amounts excluded in
providing non-GAAP earnings guidance, would be expected to change as a result
of acquisition, restructuring, divestment or similar transactions or
activities or other one-time events, if any, that the Company engages in or
suffers during the period or any market or other changes affecting the
Company’s expected actuarial loss on retirement plans. Other than the
Company’s acquisition of Warnaco, which closed on February 13, 2013, and the
related restructuring, the Company has no current understanding or agreement
regarding any such transaction or definitive plans regarding any such
activity.

PVH CORP.

Appendix A

Change in Method of Accounting for Retirement Plans:

During the fourth quarter of 2012, the Company changed its method of
accounting for its retirement plans to (i) calculate expected return on plan
assets using the fair value of plan assets; and (ii) immediately recognize
actuarial gains and losses in its operating results in the year in which they
occur. The Company believes this change improves the transparency of its
operational performance by recognizing the effects of current economic and
interest rate trends on plan investments and assumptions in current period
earnings and allowing the Company to highlight this impact to investors. In
addition, this change aligns the Company’s method of accounting for its
retirement plans with the method used by Warnaco, which the Company acquired
on February 13, 2013. This change avoids the post-acquisition Company having
two methods to one method of accounting for its retirement plans. The
financial data for all prior periods presented has been retrospectively
adjusted to reflect the effect of this accounting change. A summary of the
impact of such accounting method changes on the Company’s GAAP and non-GAAP
earnings per share is as follows:

                                                                                                          
PVH CORP.

Appendix A (continued)

(In thousands, except per share data)
                                                                                                                                           
GAAP AND NON-GAAP INCOME STATEMENT DATA - AS ADJUSTED
                                                                                                                                           
             Quarter Ended                                     Quarter Ended                                     Quarter Ended
             4/29/12                                           7/29/12                                           10/28/12
             As             Effect of                          As             Effect of                          As             Effect of
                            Accounting     As                                 Accounting     As                                 Accounting     As
             Originally   Policy       Retrospectively     Originally   Policy       Retrospectively     Originally   Policy       Retrospectively
             Reported                      Adjusted            Reported                      Adjusted            Reported                      Adjusted
                            Change                                            Change                                            Change
GAAP
Earnings
before
interest     $  152,248     $   3,834      $    156,082        $  149,658     $   3,596      $    153,254        $  237,423     $   3,715      $    241,138
and
taxes
Net          93,114         2,362          95,476              87,702         2,216          89,918              165,409        2,289          167,698
income
Diluted
net
income       1.27           0.03           1.30                1.19           0.03           1.22                2.24           0.03           2.27
per
common
share
                                                                                                                                               
Non-GAAP
Earnings
before
interest     $  155,564     $   3,834      $    159,398        $  154,199     $   3,596      $    157,795        $  250,396     $   3,715      $    254,111
and
taxes
Net          95,498         2,362          97,860              91,992         2,216          94,208              173,469        2,289          175,758
income
Diluted
net
income       1.30         0.03         1.33                1.25         0.03         1.28                2.34         0.04         2.38
per
common
share
                                                                                                                                               

                                                     
             Quarter Ended                                Year Ended
             2/3/13                                       2/3/13
             Recognized     Effect of                     Recognized     Effect of
             Under          Accounting     Recognized     Under          Accounting     Recognized
             Previous     Policy        Under New      Previous     Policy        Under New
             Method                        Method         Method                        Method
                            Change                                       Change
GAAP
Earnings
before
interest     $  131,091     $  (21,203 )   $  109,888     $  670,420     $  (10,058 )   $  660,362
and
taxes
Net          93,809         (13,061    )   80,748         440,034        (6,194     )   433,840
income
Diluted
net
income       1.26           (0.17      )   1.09           5.96           (0.09      )   5.87
per
common
share
                                                                                        
Non-GAAP
Earnings
before
interest     $  173,365     $  6,939       $  180,304     $  733,524     $  18,084      $  751,608
and
taxes
Net          114,260        4,274          118,534        475,219        11,141         486,360
income
Diluted
net
income       1.54         0.06         1.60           6.43         0.15         6.58
per
common
share
                                                                                        

Please see tables on the following pages for GAAP to non-GAAP reconciliations
of the first through third quarter retrospectively adjusted amounts and pages
22, 25 and 27 for GAAP to non-GAAP reconciliations of the fourth quarter and
full year retrospectively adjusted amounts, respectively.

                                                                                                          
PVH CORP.

Appendix A (continued)

(In thousands, except per share data)
                                                                                                                                           
GAAP AND NON-GAAP INCOME STATEMENT DATA - AS ADJUSTED
                                                                                                                                           
             Quarter Ended                                     Quarter Ended                                     Quarter Ended
             5/1/11                                            7/31/11                                           10/30/11
             As             Effect of                          As             Effect of                          As             Effect of
                            Accounting     As                                 Accounting     As                                 Accounting     As
             Originally   Policy       Retrospectively     Originally   Policy       Retrospectively     Originally   Policy       Retrospectively
             Reported                      Adjusted            Reported                      Adjusted            Reported                      Adjusted
                            Change                                            Change                                            Change
GAAP
Earnings
before
interest     $  120,444     $   2,047      $    122,491        $  133,479     $   1,782      $    135,261        $  196,842     $   1,915      $    198,757
and
taxes
Net          57,667         1,261          58,928              66,729         1,098          67,827              112,239        1,179          113,418
income
Diluted
net
income       0.79           0.02           0.81                0.92           0.01           0.93                1.54           0.01           1.55
per
common
share
                                                                                                                                               
Non-GAAP
Earnings
before
interest     $  167,136     $   2,047      $    169,183        $  151,355     $   1,782      $    153,137        $  227,317     $   1,915      $    229,232
and
taxes
Net          89,556         1,261          90,817              78,300         1,098          79,398              138,218        1,179          139,397
income
Diluted
net
income       1.23         0.02         1.25                1.07         0.02         1.09                1.89         0.02         1.91
per
common
share
                                                                                                                                               

           Quarter Ended                                   Year Ended
             1/29/12                                           1/29/12
             As             Effect of                                         Effect of
                            Accounting     As                  As             Accounting     As
             Originally   Policy        Retrospectively     Originally   Policy        Retrospectively
             Reported                      Adjusted            Reported                      Adjusted
                            Change                                            Change
GAAP
Earnings
before
interest     $  108,888     $  (74,224 )   $    34,664         $  559,653     $  (68,480 )   $    491,173
and
taxes
Net          81,246         (45,722    )   35,524              317,881        (42,184    )   275,697
income
Diluted
net
income       1.11           (0.63      )   0.48                4.36           (0.58      )   3.78
per
common
share
                                                                                             
Non-GAAP
Earnings
before
interest     $  128,427     $  1,896       $    130,323        $  674,235     $  7,640       681,875
and
taxes
Net          86,143         1,168          87,311              392,217        4,706          396,923
income
Diluted
net
income       1.18         0.01         1.19                5.38         0.06         5.44
per
common
share
                                                                                             

Please see tables on the following pages for GAAP to non-GAAP reconciliations
of the first through third quarter retrospectively adjusted amounts and pages
22, 25 and 27 for GAAP to non-GAAP reconciliations of the fourth quarter and
full year retrospectively adjusted amounts, respectively.

PVH CORP.
Appendix A (continued)
(In thousands, except per share data)

The following pages present retrospectively adjusted GAAP results, which
reflect the Company’s changed accounting method for its retirement plans, for
the third, second and first quarters of 2012 and 2011 to allow readers to sum
the adjusted quarterly results to arrive at the full year results presented
herein. The Adjustments columns in each table are unchanged from amounts
presented in prior periods.

                                                                                       
EARNINGS BEFORE INTEREST AND TAXES BY SEGMENT AND DILUTED NET INCOME PER COMMON SHARE - AS ADJUSTED
                
                Quarter Ended                                     Quarter Ended
                10/28/12 ^(1)                                     10/30/11 ^(1)
                GAAP                              Non-GAAP        GAAP                              Non-GAAP
                Results         Adjustments       Results         Results           Adjustments     Results
                                ^(2)                                                ^(3)
                                                                                                              
Heritage
Brand
Wholesale       $ 27,129                          $ 27,129        $ 25,982                          $ 25,982
Dress
Furnishings
Heritage
Brand           15,794                            15,794          11,015          $ (502)           11,517
Wholesale
Sportswear
Heritage       4,357                     4,357          8,470                        8,470     
Brand Retail
Total
Heritage       47,280                    47,280         45,467        (502)           45,969    
Brands
                                                                                                              
Other (Calvin
Klein           30,048                            30,048          26,867                            26,867
Apparel)
Calvin Klein   62,337                    62,337         59,253                       59,253    
Licensing
Total Calvin   92,385                    92,385         86,120                       86,120    
Klein
                                                                                                              
Tommy
Hilfiger        66,117                            66,117          41,675            (3,421)         45,096
North America
Tommy
Hilfiger       62,583       $  (6,301)     68,884         48,820        (22,209)        71,029    
International
Total Tommy    128,700        (6,301)     135,001        90,495        (25,630)        116,125   
Hilfiger
                                                                                                              
Corporate       (27,227   )       (6,672)        (20,555   )     (23,325   )      (4,343)         (18,982   )
Total
earnings
before          $ 241,138      $  (12,973)       $ 254,111      $ 198,757      $ (30,475)        $ 229,232
interest and
taxes
                                                                                                              

                                                        
                Quarter Ended                                 Quarter Ended
                10/28/12 ^(1)                                 10/30/11 ^(1)
                GAAP                      Non-GAAP        GAAP                      Non-GAAP
                Results      Adjustments     Results         Results       Adjustments     Results
                              ^(2)                                          ^(3)
                                                                                            
Net income      $ 167,698     $  (8,060 )     $ 175,758       $ 113,418     $ (25,979 )     $ 139,397
                                                                                            
Weighted
average         70,586                        70,586          67,225                        67,225
common
shares
Weighted
average         1,304                         1,304           1,549                         1,549
dilutive
securities
Weighted
average
impact of
assumed         2,095                         2,095           4,189                         4,189
convertible
preferred
stock
conversion
Total           73,985                        73,985          72,963                        72,963
shares
Diluted net
income per     $ 2.27                   $ 2.38          $ 1.55                   $ 1.91
common
share
                                                                                            

       In the fourth quarter of 2012, the Company changed its method of
       accounting for its retirement plans to (i) calculate expected return on
^(1)  plan assets using the fair value of plan assets; and (ii) immediately
       recognize actuarial gains and losses in its operating results in the
       year in which they occur. Prior periods have been retrospectively
       adjusted to reflect the effect of these accounting changes.
       Adjustments for the quarter ended October 28, 2012 represent the
       elimination of (i) $6,561 incurred in connection with the Company’s
       integration of Tommy Hilfiger and the related restructuring; (ii)
       $6,412 incurred in connection with the Company’s acquisition of
^(2)   Warnaco, which closed on February 13, 2013; (iii) the tax benefit of
       $413 associated with these costs (with respect to net income and net
       income per common share only); and (iv) the tax benefit of $4,500
       resulting from previously unrecognized tax credits (with respect to net
       income and net income per common share only).
       Adjustments for the quarter ended October 30, 2011 represent the
       elimination of (i) $9,264 incurred in connection with the Company’s
       integration of Tommy Hilfiger and the related restructuring; (ii) the
       $20,709 expense incurred associated with settling the unfavorable
^(3)   preexisting license agreement in connection with the Company’s buyout
       of the perpetual license for Tommy Hilfiger in India; (iii) $502
       incurred in connection with the Company’s negotiated early termination
       of its license to market sportswear under the Timberland brand; and
       (iv) the tax benefit of $4,496 associated with these costs (with
       respect to net income and net income per common share only).
       

<td class*Story too large*
                                                                                
PVH CORP.
Appendix A
(continued)
(In thousands, except per share data)
                                                                                         
EARNINGS BEFORE INTEREST AND TAXES BY SEGMENT AND DILUTED NET INCOME PER COMMON SHARE - AS ADJUSTED
                  
                  Quarter Ended                           Quarter Ended
                 7/29/12 ^(1)                           7/31/11 ^(1)
                  GAAP                        Non-GAAP    GAAP                           Non-GAAP
                  Results       Adjustments   Results     Results        Adjustments     Results
                                ^(2)                                     ^(3)
                                                                                         
Heritage
Brand
Wholesale         $ 9,607                     $ 9,607     $ 14,240                       $ 14,240
Dress
Furnishings
Heritage
Brand             4,190                       4,190       (5,222   )   $ (6,650   )      1,428
Wholesale
Sportswear
Heritage        9,306                  9,306       15,122                   15,122   
Brand Retail
Total
Heritage        23,103                 23,103     24,140      (6,650   )    30,790   
Brands
Other (Calvin
Klein             14,888                      14,888      22,083                         22,083
Apparel)
Calvin Klein    45,301                 45,301     43,922                   43,922   
Licensing
Total Calvin    60,189                 60,189     66,005                   66,005   
Klein
Tommy
Hilfiger          52,636                      52,636      31,349         (6,651   )      38,000
North America
Tommy
Hilfiger        41,113  
International

[TRUNCATED]