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PhillipsVan Heusen Corp. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: November 28, 2012 10:33PM

PhillipsVan Heusen Corp. (PVH) filed Quarterly Report for the period ended 2012-10-28. Pvh Corp has a market cap of $7.83 billion; its shares were traded at around $116.61 with a P/E ratio of 19.8 and P/S ratio of 1.3. The dividend yield of Pvh Corp stocks is 0.1%. Pvh Corp had an annual average earning growth of 10.4% over the past 10 years.



Highlight of Business Operations:

Net sales in the third quarter of 2012 were $1.501 billion as compared to $1.517 billion in the third quarter of the prior year, inclusive of a negative impact of approximately $90 million, or 6%, of which approximately $50 million is attributable to the exit from the Izod women s and Timberland wholesale sportswear businesses and approximately $40 million is attributable to foreign currency translation. The decrease in net sales of $16.1 million was due principally to the net effect of the following items:

Royalty, advertising and other revenue in the third quarter of 2012 increased by $4.7 million to $141.3 million as compared to $136.7 million in the prior year s third quarter. Royalty revenue within the Calvin Klein Licensing segment was relatively flat to the prior year s third quarter. Fragrance, women s sportswear, dresses, footwear and handbags continued to experience strong growth globally during the quarter, but were offset by a decline in royalty revenue related to the upcoming reacquisition of the European bridge and accessories business and weakness in jeans and women s underwear in Europe and the United States. Tommy Hilfiger royalty revenue increased by $2.9 million compared to the prior year s third quarter, due principally to strong performance in watches, footwear and eyewear and growth in China. Advertising and other revenue increased $3.3 million compared to the prior year s third quarter.

Net sales in the thirty-nine weeks ended October 28, 2012 increased to $4.034 billion as compared to $4.002 billion in the thirty-nine week period of the prior year, inclusive of a negative impact of approximately $165 million, or 4%, of which approximately $100 million is attributable to foreign currency translation and $65 million is attributable to the exit from the Izod women s and Timberland sportswear businesses. The increase of $31.7 million was due principally to the net effect of the following items:

Our revenue for the full year 2012 is expected to increase approximately 2% as compared to $5.891 billion in 2011. This includes a negative revenue impact of approximately 4%, of which approximately $120 million, or 2%, is attributable to projected foreign currency translation and approximately $100 million, or 2%, is attributable to the exit from the Izod women s and Timberland wholesale sportswear businesses. Revenue for the Tommy Hilfiger business is expected to increase approximately 4% as compared to $3.051 billion in 2011, including the negative impact of approximately 4% due to projected foreign currency translation. Revenue for the Calvin Klein business is expected to grow approximately 7% as compared to $1.065 billion in 2011. Calvin Klein royalty revenue is expected to be negatively impacted by foreign currency translation, the upcoming reacquisition of the European bridge apparel and accessories business and the ongoing challenging business for the jeans and underwear product categories in Europe and the United States. Revenue for our Heritage Brand businesses is expected to decrease approximately 5% as compared to $1.775 billion in 2011, attributable to the negative impact of approximately 6% due to the previously mentioned exited sportswear businesses.

SG&A expenses in the thirty-nine weeks ended October 28, 2012 were $1.834 billion, or 41.6% of total revenue, as compared to $1.816 billion, or 41.7% of total revenue, in the thirty-nine week period of the prior year. The 10 basis point decrease in SG&A expenses as a percentage of total revenue was due primarily to a net decrease in acquisition, integration and restructuring costs, mostly offset by growth in the higher-expense Tommy Hilfiger and Calvin Klein businesses outpacing growth in the lower-expense Heritage Brand businesses, as well as an increase in pension expense due, in large part, to a decrease in discount rates.

Read the The complete Report



Stocks Discussed: PVH,
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