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Last $116.98 USD
Change Today -1.19 / -1.01%
Volume 1.5M
As of 8:04 PM 08/28/15 All times are local (Market data is delayed by at least 15 minutes).

pvh corp (PVH) Key Developments

PVH Corp. Reports Consolidated Earnings Results for the Second Quarter and Six Months Ended August 2, 2015; Provides Earnings Guidance for Third Quarter of Fiscal 2015; Revised Earnings Guidance for Fiscal 2015

PVH Corp. reported consolidated earnings results for the second quarter and six months ended August 2, 2015. For the quarter, net sales were $1,765.9 million against $1,890.5 million last year. Total revenue was $1,864.0 million against $1,975.6 million last year. Earnings before interest and taxes were $154.1 million against $159.3 million last year. Pre-tax income was $126.1 million against $125.5 million last year. Net income attributable to PVH Corp. was $102.2 million or $1.22 per diluted share against $126.5 million or $1.52 per diluted share last year. Non-GAAP earnings before interest and taxes were $174.1 million against $205.6 million last year. Non-GAAP net income attributable to PVH Corp. was $114.7 million or $1.37 per diluted share against $125.5 million or $1.51 per diluted share last year. Revenue increased 2% on a constant currency basis and decreased 6% on a GAAP basis compared to the prior year’s second quarter revenue of $1.98 billion. Earnings before interest and taxes on a non-GAAP basis decreased 2% on a constant currency basis and decreased 15% including foreign currency exchange rate impacts from $206 million in the prior year’s second quarter. Earnings before interest and taxes decrease was primarily due to a negative impact of foreign currency exchange rates and the items that affected the earnings on a non-GAAP basis, partially offset by a reduction in Warnaco integration and restructuring costs incurred compared to the prior year’s second quarter. For the six months, net sales were $3,551.0 million against $3,762.0 million last year. Total revenue was $3,743.3 million against $3,939.3 million last year. Earnings before interest and taxes were $330.9 million against $243.8 million last year. Pre-tax income was $273.1 million against $169.4 million last year. Net income attributable to PVH Corp. was $216.3 million or $2.59 per diluted share against $161.8 million or $1.94 per diluted share last year. Non-GAAP earnings before interest and taxes were $370.2 million against $408.8 last year. Non-GAAP net income attributable to PVH Corp. was $239.4 million or $2.87 per diluted share against $247.6 million or $2.98 per diluted share last year. Revenue increased 3% on a constant currency basis and decreased 5% on a GAAP basis compared to $3.94 billion in the prior year period. Earnings before interest and increase was primarily due to the absence in 2015 of $93 million of debt modification and extinguishment costs and a reduction in Warnaco integration and restructuring costs compared to prior year period, partially offset by the negative impact of foreign currency exchange rates and expenses incurred in 2015 in connection with operating and exiting the Izod retail business and exiting various product lines in the Heritage Brands dress furnishings business. The company revised earnings guidance for fiscal 2015. The company currently expects its full year of 2015 earnings per share results to be negatively impacted versus the prior year by (i) approximately $1.20 per share from foreign currency exchange rates due to the significant strengthening of the U.S. dollar against other currencies in which the company transacts significant levels of business, and (ii) volatility in the global macroeconomic environment, particularly with respect to the company’s businesses in Russia. The company continues to expect a negative impact of approximately $0.10 per share from its Russia businesses due to political and economic instability in the region. The company raised EPS guidance to $6.90 to $7.00 on a non-GAAP basis, from previous guidance of $6.85 to $6.95. Excluding this negative impact, earnings per share on a non-GAAP basis is expected to increase 12% to 14% compared to the prior year’s non-GAAP earnings per share of $7.30, exceeding previous guidance of 11% to 12%. Revenue in 2015 is currently projected to increase approximately 4% on a constant currency basis and decrease approximately 2% on a GAAP basis as compared to 2014. Net interest expense for the full year is expected to be approximately $120 million compared to the 2014 amount of $139 million, mainly due to lower average debt balances. The company currently expects to generate approximately $450 million of free cash flow in 2015, which will be used primarily to repay approximately $350 million of debt, of which $166 million was repaid during the first half of the year, as well as to repurchase stock. The company currently estimates that the 2015 effective tax rate will be approximately 21.5%. The company expects GAAP net income per common share attributable to PVH Corp. in the range of $6.24 to $6.34 against previous guidance of $6.22 to $6.32. The company provided earnings guidance for the third quarter of fiscal 2015. The company currently expects its third quarter of 2015 earnings per share results to be negatively impacted versus the prior year period by approximately $0.40 per share primarily from foreign currency exchange rates due to the significant strengthening of the U.S. dollar against other currencies in which the company transacts significant levels of business. Third quarter earnings per share on a non-GAAP basis is currently projected to be in a range of $2.45 to $2.50, which reflects an expected $0.40 per share negative impact primarily related to foreign currency exchange rates. Excluding this negative impact, earnings per share on a non-GAAP basis is expected to increase 11% to 13% compared to the prior year’s third quarter non-GAAP earnings per share of $2.56. Revenue in the third quarter of 2015 is currently projected to increase approximately 3% on a constant currency basis and decrease approximately 3% on a GAAP basis compared to the prior year’s third quarter. The company currently projects that the third quarter net interest expense will be approximately $30 million, a reduction of approximately $2 million compared to the third quarter of 2014, mainly due to lower average debt balances and interest rates. The company currently estimates that the third quarter effective tax rate will be approximately 18%. The company expects GAAP net income per common share attributable to PVH Corp. in the range of $2.19 to $2.24.

PVH Corp. to Report Q2, 2016 Results on Aug 26, 2015

PVH Corp. announced that they will report Q2, 2016 results After-Market on Aug 26, 2015

PVH Corp., Q2 2016 Earnings Call, Aug 27, 2015

PVH Corp., Q2 2016 Earnings Call, Aug 27, 2015

Fred Gehring to Step Down as a Member of PVH Corp.'s Board of Directors, Effective August 1, 2015

PVH Corp. announced that it has entered into a new employment agreement with Fred Gehring, currently Executive Chairman, Tommy Hilfiger, and Vice Chairman, PVH Corp. Mr. Gehring will step down as a member of PVH Corp.’s Board of Directors. The new agreement and arrangements are effective August 1, 2015.

PVH Corp. - Shareholder/Analyst Call

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PVH

Industry Average

Valuation PVH Industry Range
Price/Earnings 20.0x
Price/Sales 1.2x
Price/Book 2.2x
Price/Cash Flow 19.8x
TEV/Sales 0.7x
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