Our Company

With a history going back over 135 years, PVH
has excelled at growing brands and businesses
with rich American heritages, becoming one of
the largest global apparel companies.

Our Company

PVH: History

PVH has evolved from its 1881 roots to become a diverse global apparel company with $8.2 billion in 2016 revenues through a combination of strategic acquisitions and by successfully growing our brands globally across the wholesale, retail, digital commerce and licensing channels. Our transformative acquisitions – Calvin Klein in 2003, Tommy Hilfiger in 2010, and Warnaco in 2013 – have redefined PVH's identity, performance and long-term growth potential.

PVH: Today

Today, PVH operates a diversified portfolio of iconic lifestyle apparel brands led by CALVIN KLEIN and TOMMY HILFIGER, which represent approximately 80% of our revenues and are expected to continue to drive future revenue and profitability growth. PVH's operations have also evolved from a regional perspective; whereas our business was primarily based in North America in the early 2000's, we now operate significant businesses in Europe, the Asia Pacific region and Latin America, and approximately 75% of our earnings before interest and taxes on a non-GAAP basis(1) is subject to foreign exchange risk. As a much larger organization, we continue to operate under our core business principles, which value leaders who hold the highest ethical standards, while also driving results across the business.

PVH: The Future

We see a sustainable path of long-term growth as we continue to execute on our core business strategies. We believe that we can maximize the potential of our Calvin Klein, Tommy Hilfiger and Heritage Brands businesses as we continue to invest in our global platforms, focus on our talent, pursue strategic global growth opportunities, expand our digital capabilities and enhance our global supply chain to evolve with our growing business needs. Combined with our ongoing emphasis on maintaining a strong credit profile and a healthy balance sheet, we believe that we will continue to be able to deliver on our business strategy and create value for our stockholders.

2016 Earnings Before Interest and Taxes Reconciliation

Earnings Before Interest and Taxes (Dollars in Millions)

GAAP Adjustments (†) Non-GAAP
Calvin Klein $333  $(92) $425
Tommy Hilfiger $464 $73 $391
Heritage Brands $99 $(3) $102
Corporate $(107) $17 $(124)
       
Total Earnings Before Interest and Taxes $789 $(5) $794
  • (†)Adjustments for 2016 from the elimination of (i) the costs incurred in connection with our integration Warnaco and the related restructuring; (ii) the costs incurred in connection with the discontinuation of several licensed product lines in the Heritage Brands dress furnishings business; (iii) the costs incurred in connection with the licensing to G-III Apparel Group, Ltd. of the Tommy Hilfiger womenswear wholesale business in the U.S. and Canada, which resulted in the discontinuation of our directly operated Tommy Hilfiger North America womenswear wholesale business in 2016; (iv) the costs incurred in connection with the restructuring associated with the new global creative strategy for CALVIN KLEIN; (v) the noncash gain recorded to write-up our equity investment in TH Asia, Ltd. (“TH China”), our former joint venture for TOMMY HILFIGER in China, to fair value in connection with the acquisition of the 55% interest that we did not already own (the “TH China acquisition”); (vi) the one-time costs recorded on our equity investment in TH China prior to the TH China acquisition closing; (vii) the costs incurred in connection with the TH China acquisition, primarily consisting of noncash valuation adjustments and amortization of short-lived assets; (viii) the costs incurred in connection with the amendment of our credit facility; (ix) the noncash costs recorded in connection with the deconsolidation of our subsidiary that principally operated and managed our Calvin Klein business in Mexico in connection with the formation of a joint venture in Mexico to operate that and other businesses; (x) the gain recorded in connection with a payment made to us to exit a TOMMY HILFIGER flagship store in Europe; (xi) the costs incurred in connection with the early termination of the license agreement for the Tommy Hilfiger men's tailored clothing business in North America in order to consolidate under a different licensee the men's tailored businesses for all brands in North America; (xii) the recognized actuarial gain on retirement plans.
{ "title": "TOTAL REVENUE BY BUSINESS", "subtitle" : "2016 REVENUE: $8.2BN", "series" : [{ "name" : "Brands", "data" : [ { "name": "TOMMY HILFIGER", "description":"", "y": 43, "color":"#CB464F", "legendIndex": 0 }, { "name": "CALVIN KLEIN", "description":"", "y": 38, "color":"#808282", "legendIndex": 1 }, { "name": "HERITAGE BRANDS", "description":"", "y": 19, "color":"#214564", "legendIndex": 2 } ] }] }
{ "title": "EARNINGS BEFORE INTEREST AND TAXES BY BUSINESS", "subtitle" : "2016 EARNINGS BEFORE INTEREST AND TAXES: $794MM(1)", "series" : [{ "name" : "Brands", "data" : [ { "name": "TOMMY HILFIGER", "description":"", "y": 43, "color":"#CB464F", "legendIndex": 0 }, { "name": "CALVIN KLEIN", "description":"", "y": 46, "color":"#808282", "legendIndex": 1 }, { "name": "HERITAGE BRANDS", "description":"", "y": 11, "color":"#214564", "legendIndex": 2 } ] }] }
  • (1)Figures exclude items deemed non-recurring and non-operational.