PVH: 85% increase in earnings before interest and taxes
PVH is continuing to grow. Despite a difficult global economic environment, the American parent company of Calvin Klein and Tommy Hilfiger saw its turnover reach 1.518 billion euros (1.977 billion dollars) in its second quarter ending on August 3. Revenues increased by 4% compared to the same period last year.
Calvin Klein saw a 1% increase in its turnover to 518 million euros, with international sales down 4%, sales up 1% in North America (with an increase of 2% comparable basis) and a 6% rise in its licensing business.
Tommy Hilfiger’s turnover reached 668 million, up 9%. In North America, sales increase by 8%, driven by its wholesale sales (by 2% on a comparable basis).
Its international business grew by 9%, with sales rising by 3% on a comparable basis in Europe. The figures for the quarter also benefited from favorable exchange rates.
Finally, group’s Heritage division remained stable at 331 million euros. Its wholesale business was up 1% while stores sales were down 4% on a comparable basis.
Ultimately, the group posted a net profit before interest and tax (Ebit) of more than 122 million euros, up 85% from last year. According to the group, its improved profitability was due to a reduction in acquisition, integration and restructuring costs. These were particularly high last year following the acquisition of Warnaco.
PVH, which saw a net loss of 4 million euros last year in its second quarter, has posted a 97 million euro profit in 2014.
For the entire year, the group aims for an overall turnover of 6.45 billion euros, with a 3% gain for Calvin Klein, 7% for Tommy Hilfiger and 2% for its Heritage division.
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