PHILLIPS VAN HEUSEN CORP
SymbolPVH

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Phillips-Van Heusen Corporation Reports 2009 Third Quarter Results

2009-11-18 16:04 ET - News Release

  • Third Quarter Revenue and EPS Well above Company’s Guidance and Consensus Estimate
  • Full Year Revenue and EPS Guidance Increased
  • Company to Increase Fourth Quarter Advertising Spend $10 Million versus Prior Plan and Prior Year


NEW YORK -- (Business Wire)

Phillips-Van Heusen Corporation [NYSE: PVH] reported 2009 third quarter and year to date results.

Non-GAAP Amounts:

The discussions 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 in the tables later in this release and identify and quantify all excluded items.

For the Third Quarter of 2009:

  • Earnings per share was $1.08 on a non-GAAP basis, which exceeded the high end of the Company’s guidance and the consensus estimate. This improvement was fueled by stronger than expected revenue and gross margin in all businesses, as well as a shift in planned advertising expenditures of $5 million from the third quarter into the fourth quarter. The prior year’s third quarter earnings per share was $1.10 on a non-GAAP basis.
  • GAAP earnings per share was $1.58, which included a tax benefit of $30.4 million related to the lapse of the statute of limitations with respect to certain previously unrecognized tax positions. GAAP earnings per share in the prior year’s third quarter was $1.03.
  • Revenue was $697.4 million, which exceeded the high end of the Company’s guidance. This amount was relatively flat to the prior year’s third quarter revenue on a non-GAAP basis of $698.9 million, which excludes $28.6 million of revenue associated with the Company’s exited Geoffrey Beene outlet retail division. On a GAAP basis, revenue decreased 4% from $727.5 million.

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