PVH Corp. Reports 2021 Fourth Quarter and Full Year Results and Provides 2022 Outlook

• Fourth quarter revenue increased 16% to $2.430 billion (increased 20% on a constant currency basis) compared to the prior year period and exceeded guidance
  • Revenue in international businesses for the quarter significantly exceeded fourth quarter 2019 pre-pandemic levels
• Full year 2021 revenue increased 28% to $9.155 billion (increased 26% on a constant currency basis) compared to 2020
  • Revenue through digital channels grew approximately 30% compared to 2020, with approximately 25% digital penetration as a percentage of total revenue
• Delivered record full year gross margin and EPS
• Gross margin increased over 400 basis points (fourth quarter) and over 300 basis points (full year) compared to 2019 pre-pandemic periods, and drove operating margin expansion
• 2021 EPS exceeded guidance and was:
  • GAAP basis: $5.53 (fourth quarter) and $13.25 (full year)
  • Non-GAAP basis: $2.84 (fourth quarter) and $10.15 (full year)
• Made over $200 million of voluntary term loan payments in the fourth quarter, bringing voluntary payments to over $1.0 billion for full year 2021
• 2022 full year outlook:
  • Revenue: Projected to increase 2% to 3% (6% to 7% on a constant currency basis) as compared to 2021
  • Operating margin: Approximately 10%
  • EPS: Approximately $9.00, which includes the expected negative impacts of the war in Ukraine and foreign currency translation
  • Effective tax rate: 29% to 30%

NEW YORK--(BUSINESS WIRE)--Mar. 29, 2022-- PVH Corp. [NYSE: PVH] reported its 2021 fourth quarter and full year results and announced its 2022 outlook.

Non-GAAP Amounts:

Amounts stated to be on a non-GAAP basis exclude the items that are defined or described in greater detail near the end of this release under the heading “Non-GAAP Exclusions.” Amounts stated on a constant currency basis also are deemed to be on a non-GAAP basis. Reconciliations of amounts on a GAAP basis to amounts on a non-GAAP basis are presented after the Non-GAAP Exclusions section and identify and quantify all excluded items.

CEO Comments:

Stefan Larsson, Chief Executive Officer, commented “We delivered strong fourth quarter revenue and earnings above guidance. For 2021, we executed on our accelerated recovery priorities, achieving operating margins that were above 2019 pre-pandemic levels and ahead of our plan, driven by strong gross margin expansion, further positioning PVH to win with the consumer in the ‘new normal’ and deliver sustainable profitable long-term growth.”

Mr. Larsson added, “As we look ahead, we are confident in the strength and momentum in our business and our ability to drive strong underlying top and bottom line growth by leaning in to what is within our control, despite the significantly increased macroeconomic and geopolitical volatility over the last few months, including the war in Ukraine, the impact of the global pandemic, and the inflationary pressures we see across our regions. We will successfully navigate these headwinds in 2022, and we will do it through driving brand and product relevance with our two iconic global brands, Calvin Klein and TOMMY HILFIGER, super-charging digital, further improving our consumer engagement, and driving efficiencies while investing in our strategic growth areas.”

Fourth Quarter Review:

• Revenue: Overall revenue for the fourth quarter increased 16% (increased 20% on a constant currency basis) compared to the prior year period, despite continued supply chain and logistics disruptions and the ongoing impacts of the COVID-19 pandemic, particularly the Omicron variant, and reflected strong performance in the Company’s international businesses, primarily driven by Europe. Revenue through digital channels grew approximately 10% compared to the prior year period. Revenue in the fourth quarter reflected a 5% reduction resulting from the Heritage Brands transaction (as defined under the heading “Non-GAAP Exclusions”) and the exit from the Heritage Brands Retail business. The prior year period was negatively impacted by extensive temporary store closures, with approximately 70% of the Company’s retail stores in Europe and approximately 75% of the Company’s stores in Canada closed as a result of the pandemic.
  • Direct-to-Consumer: Total direct-to-consumer revenue for the fourth quarter increased 13% compared to the prior year period, inclusive of a 4% reduction from the exit of the Heritage Brands Retail business. Directly operated digital commerce was flat to the exceptionally strong performance of 68% growth in the prior year period. The impacts of the pandemic continued to pressure the performance of the Company’s retail stores, although to a much lesser extent than in the prior year period, with a significant percentage of stores operating on reduced hours as a result of increased levels of absenteeism and certain stores in Europe and China temporarily closed for varying periods of time during the fourth quarter.
  • Wholesale: Total wholesale revenue for the fourth quarter increased 20% compared to the prior year period, and included the favorable impact of the shift in the timing of U.S. wholesale shipments from the third quarter into the fourth quarter as a result of logistics disruptions in October, partially offset by the impact of the Heritage Brands transaction. The Company’s sales to the digital businesses of its traditional and pure play wholesale customers continued to exhibit double digit growth.
• Gross Margin: Overall gross margin in the fourth quarter was 58.3% as compared to 53.9% in the prior year period, driven largely by more full price selling and a favorable shift in regional sales mix. These improvements more than offset higher freight costs, including an increase in air freight to mitigate ongoing supply chain and logistics delays.
• Inventory: Overall inventory levels decreased 5% compared to the prior year period due, in part, to the Heritage Brands transaction and the exit from the Heritage Brands Retail business. In-transit inventory levels in the fourth quarter increased over 30% compared to the prior year period, primarily due to ongoing supply chain and logistics disruptions.

Fourth Quarter Consolidated Results:

Fourth quarter revenue increased 16% to $2.430 billion (increased 20% on a constant currency basis) compared to the prior year period. The revenue increase compared to the prior year period reflects:

• An 18% increase (23% increase on a constant currency basis) in the Tommy Hilfiger business compared to the prior year period, including a 20% increase (26% increase on a constant currency basis) in Tommy Hilfiger International revenue and a 14% increase in Tommy Hilfiger North America revenue.
• A 27% increase (30% increase on a constant currency basis) in the Calvin Klein business compared to the prior year period, including a 24% increase (30% increase on a constant currency basis) in Calvin Klein International revenue and a 32% increase in Calvin Klein North America revenue.
• A 33% decrease in the Heritage Brands business compared to the prior year period, which included a 51% decrease resulting from the Heritage Brands transaction and the exit from the Heritage Brands Retail business.

Earnings per share on a GAAP basis was $5.53 for the fourth quarter of 2021 compared to a loss per share of $(0.81) in the prior year period. These results include the amounts for the applicable period described under the heading “Non-GAAP Exclusions” later in this release. Earnings per share and loss per share on a non-GAAP basis for these periods, as discussed below, exclude these amounts.

Earnings per share on a non-GAAP basis was $2.84 for the fourth quarter of 2021 compared to a loss per share of $(0.38) in the prior year period.

Earnings before interest and taxes on a GAAP basis for the quarter increased to $223 million compared to $26 million in the prior year period. Included in earnings before interest and taxes for the fourth quarter of 2021 was a $49 million actuarial gain recognized on retirement plans. Included in earnings before interest and taxes for the prior year period were $2 million of net costs consisting of (i) $59 million of noncash store asset impairments, (ii) $8 million of costs in connection with exiting the Heritage Brands Retail business, and (iii) a $65 million actuarial gain recognized on retirement plans. Earnings before interest and taxes on a non-GAAP basis for these periods, as discussed below, exclude these amounts.

Earnings before interest and taxes on a non-GAAP basis for the quarter increased to $175 million compared to $28 million in the prior year period. The increase was primarily driven by the revenue increase and gross margin improvements discussed above.

Net interest expense on a GAAP basis decreased to $24 million from $34 million in the prior year period. Included in net interest expense for the prior year period was a $3 million expense resulting from the remeasurement of a mandatorily redeemable non-controlling interest that was recognized in connection with the Australia acquisition (as defined under the heading “Non-GAAP Exclusions”). Net interest expense on a non-GAAP basis for the prior year period excludes this amount. Net interest expense of $24 million on a GAAP basis (there were no non-GAAP exclusions in the fourth quarter of 2021) is a decrease from $32 million on a non-GAAP basis in the prior year period, primarily due to the impact of (i) over $1.0 billion of voluntary debt payments made during 2021 and (ii) lower interest rates in the fourth quarter of 2021.

The effective tax rate on a GAAP basis for the fourth quarter of 2021 was (96.0)% as compared to (608.5)% in the prior year period. The effective tax rate in 2021 reflects an income tax benefit on the pre-tax income in the fourth quarter. The effective tax rate in 2020 reflects an income tax expense on the pre-tax loss in the fourth quarter. The effective tax rate in 2021 included one-time discrete tax benefits of $152 million, principally resulting from a tax accounting method change made in conjunction with the Company’s 2020 U.S. federal income tax return. The effective tax rate in 2020 included a $33 million tax expense from the remeasurement of certain of the Company’s net deferred tax liabilities in connection with the “2021 Dutch Tax Plan.” The effective tax rate on a non-GAAP basis for these periods exclude these amounts. The effective tax rate on a non-GAAP basis for the fourth quarter of 2021 was (33.2)% as compared to (717.6)% in the prior year period. Included in the effective tax rate on a non-GAAP basis for the fourth quarter of 2021 was a discrete tax benefit related to the resolution of uncertain tax positions. The effective tax rate on a non-GAAP basis in the prior year period included a tax expense in connection with an unfavorable settlement of a multi-year tax audit from an international jurisdiction.

Full Year 2021 Consolidated Results:

Revenue for 2021 increased 28% to $9.155 billion (increased 26% on a constant currency basis) compared to 2020. The revenue increase compared to 2020 reflects:

• A 29% increase (27% increase on a constant currency basis) in the Tommy Hilfiger business compared to 2020, including a 32% increase (29% increase on a constant currency basis) in Tommy Hilfiger International revenue and a 22% increase in Tommy Hilfiger North America revenue.
• A 39% increase (36% increase on a constant currency basis) in the Calvin Klein business compared to 2020, including a 39% increase (36% increase on a constant currency basis) in Calvin Klein International revenue and a 38% increase in Calvin Klein North America revenue.
• An 8% decrease in the Heritage Brands business compared to 2020, which included a 27% decrease resulting from the sale of the Company’s Speedo North America business in April 2020, the Heritage Brands transaction, and the exit from the Heritage Brands Retail business.

Earnings per share on a GAAP basis was $13.25 for 2021 compared to a loss per share of $(15.96) in 2020. These results include the amounts for the applicable period described under the heading “Non-GAAP Exclusions” later in this release. Earnings per share and loss per share on a non-GAAP basis for these periods, as discussed below, exclude these amounts.

Earnings per share on a non-GAAP basis was $10.15 for 2021 compared to a loss per share of $(1.97) in 2020.

Earnings before interest and taxes on a GAAP basis for 2021 was $1.077 billion compared to a loss before interest and taxes of $(1.072) billion in 2020. These results include the amounts for the applicable period described under the heading “Non-GAAP Exclusions” later in this release. Earnings before interest and taxes and loss before interest and taxes on a non-GAAP basis for these periods, as discussed below, exclude these amounts.

Earnings before interest and taxes on a non-GAAP basis for 2021 was $983 million compared to a loss before interest and taxes of $(37) million in 2020.

Net interest expense on a GAAP basis decreased to $104 million from $121 million in 2020. Included in net interest expense for 2020 was a $5 million expense resulting from the remeasurement of the mandatorily redeemable non-controlling interest that was recognized in connection with the Australia acquisition. Net interest expense on a non-GAAP basis for 2020 excludes this amount. Net interest expense of $104 million on a GAAP basis (there were no non-GAAP exclusions in 2021) is a decrease from $116 million on a non-GAAP basis in 2020.

The effective tax rate on a GAAP basis for 2021 was 2.1% as compared to 4.7% in 2020. The effective tax rate on a non-GAAP basis for 2021 was 17.1% as compared to 7.9% in 2020.

Stock Repurchase Program:

The Company repurchased approximately 3.3 million shares of its common stock for $350 million during 2021 ($1.8 billion since inception) under the $2.0 billion stock repurchase program authorized by the Board of Directors through June 3, 2023.

2022 Outlook:

The Company is providing its 2022 outlook despite the significant uncertainty due to the war in Ukraine and its broader macroeconomic implications, inflationary pressures globally, as well as the continued uncertainty due to the COVID-19 pandemic. In addition, supply chain and logistics disruptions globally have resulted in and are expected to continue to result in delivery delays to wholesale customers and delayed inventory availability for the Company’s stores and digital commerce businesses. The Company’s outlook assumes no material worsening of current conditions. The Company’s 2022 results could differ materially from its current outlook.

Full Year Guidance

Revenue in 2022 is projected to increase 2% to 3% (increase 6% to 7% on a constant currency basis) as compared to 2021, which reflects (i) a 2% reduction resulting from the Heritage Brands transaction and the exit from the Heritage Brands Retail business and (ii) a 2% reduction resulting from the Company’s decision to temporarily close its stores and pause commercial activities in Russia and Belarus, as well as a reduction in wholesale shipments to Ukraine as a result of the war.

The Company currently projects that 2022 operating margin will be approximately 10%.

The Company currently projects that 2022 earnings per share will be approximately $9.00 compared to $13.25 on a GAAP basis and $10.15 on a non-GAAP basis in 2021. The Company currently expects that 2022 earnings per share will be negatively impacted by (i) approximately $0.70 per share related to foreign currency translation, primarily due to the stronger U.S. dollar against the euro and (ii) approximately $0.65 per share related to the temporary closure of the Company’s stores and pause of commercial activities in Russia and Belarus, as well as the reduction in wholesale shipments to Ukraine resulting from the war.

Net interest expense in 2022 is projected to decrease to approximately $90 million compared to $104 million in 2021 primarily due to the impact of voluntary debt repayments made in 2021.

The Company estimates that the 2022 effective tax rate will increase as compared to 2021 and will be in a range of 29% to 30%.

First Quarter Guidance

Revenue in the first quarter of 2022 is projected to be relatively flat (increase approximately 4% on a constant currency basis) compared to the prior year period, reflecting (i) a 5% reduction resulting from the Heritage Brands transaction and the exit from the Heritage Brands Retail business and (ii) a 1% reduction resulting from the Company’s decision to temporarily close its stores and pause commercial activities in Russia and Belarus, as well as a reduction in wholesale shipments to Ukraine as a result of the war.

The Company currently projects that first quarter 2022 earnings per share will be in a range of $1.55 to $1.60 compared to $1.38 on a GAAP basis and $1.92 on a non-GAAP basis in the prior year period. The first quarter 2022 earnings per share projection includes the estimated negative impacts of (i) approximately $0.20 per share related to foreign currency translation, primarily due to the stronger U.S. dollar against the euro and (ii) approximately $0.15 per share related to the temporary closure of the Company’s stores and pause of commercial activities in Russia and Belarus, as well as the reduction in wholesale shipments to Ukraine resulting from the war.

Net interest expense in the first quarter of 2022 is projected to decrease to approximately $23 million compared to $29 million in the prior year period primarily due to the impact of voluntary debt repayments made in 2021.

The Company estimates that the first quarter 2022 effective tax rate will be in a range of 29% to 30%.

Please see the section entitled “Full Year and Quarterly Reconciliations of GAAP to Non-GAAP Amounts” at the end of this release for further detail and reconciliations of GAAP to non-GAAP amounts discussed in this section.

Non-GAAP Exclusions:

The discussions in this release that refer to non-GAAP amounts exclude the following:

• Pre-tax costs of $48 million incurred in 2021 in connection with actions announced in March 2021 to streamline the Company’s organization through reductions in its workforce, primarily in certain international markets, and to reduce its real estate footprint, including reductions in office space and select store closures, consisting of noncash asset impairments, severance, and contract termination and other costs, of which $43 million was incurred in the first quarter, $2 million was incurred in the second quarter, and $2 million was incurred in the third quarter.
• Pre-tax costs of $21 million incurred in 2021 in connection with the exit from the Heritage Brands Retail business announced in July 2020 that was substantially completed in the second quarter of 2021, consisting of severance and other termination benefits, accelerated amortization of lease assets and contract termination and other costs, of which $8 million was incurred in the first quarter and $13 million was incurred in the second quarter.
• Pre-tax net gain of $113 million recorded in the third quarter of 2021 in connection with the sale of certain intellectual property and other assets of the Company’s Heritage Brands business that closed on the first day of the third quarter of 2021 (the “Heritage Brands transaction”), which includes a gain on the sale, less costs to sell, a net gain on the Company’s retirement plans associated with the transaction, and severance costs.
• Pre-tax gain of $49 million recorded in the fourth quarter of 2021 related to the recognized actuarial gain on retirement plans.
• One-time discrete tax benefits of $152 million recorded in the fourth quarter of 2021 principally resulting from a tax accounting method change made in conjunction with the Company’s 2020 U.S. federal income tax return.
• Pre-tax noncash impairment charges of $1.021 billion recorded in 2020, primarily resulting from the impact of the COVID-19 pandemic on the Company’s business, including $933 million related to goodwill and other intangible assets, $75 million related to store assets, and $12 million related to an equity method investment, of which $962 million was recorded in the first quarter and $59 million was recorded in the fourth quarter.
• Pre-tax costs of $7 million incurred in the first quarter of 2020 in connection with a consolidation within the Company’s warehouse and distribution network in North America.
• Pre-tax noncash net loss of $3 million recorded in the first quarter of 2020 related to the April 2020 sale of the Company’s Speedo North America business to Pentland Group PLC, the parent company of the Speedo brand (the “Speedo transaction”) and the resulting deconsolidation of the net assets of the Speedo North America business.
• Pre-tax expense of $5 million recorded in 2020 resulting from the remeasurement of a mandatorily redeemable non-controlling interest that was recognized in connection with the Company’s acquisition of the approximately 78% interest in Gazal Corporation Limited that it did not already own (the “Australia acquisition”), of which $4 million of income was recorded in the first quarter, $5 million of expense was recorded in the second quarter, $1 million of expense was recorded in the third quarter and $3 million of expense was recorded in the fourth quarter.
• Pre-tax costs of $40 million incurred in 2020 related to the reduction in the Company’s North America office workforce announced in July 2020 (the “North America workforce reduction”), primarily consisting of severance, of which $38 million was recorded in the second quarter and $1 million was recorded in the third quarter.
• Pre-tax costs of $29 million incurred in 2020 in connection with exiting the Heritage Brands Retail business, consisting of $15 million of severance, $7 million of noncash asset impairments and $7 million of accelerated amortization of lease assets and other costs, of which $12 million was incurred in the second quarter, $9 million was incurred in the third quarter and $8 million was incurred in the fourth quarter.
• Pre-tax gain of $65 million recorded in the fourth quarter of 2020 related to the recognized actuarial gain on retirement plans.
• Discrete tax expense of $33 million recorded in the fourth quarter of 2020 related to the remeasurement of certain of the Company’s net deferred tax liabilities in connection with the enactment of legislation in the Netherlands known as the “2021 Dutch Tax Plan,” which became effective on January 1, 2021.
• Estimated tax effects associated with the above pre-tax items, which are based on the Company’s assessment of deductibility. In making this assessment, the Company evaluated each item that it had identified above as a non-GAAP exclusion to determine if such item is taxable or tax deductible, and if so, in what jurisdiction the tax expense or tax deduction would occur. All items above were identified as either primarily taxable or tax deductible, with the tax effect taken at the applicable income tax rate in the local jurisdiction, or as non-taxable or non-deductible, in which case the Company assumed no tax effect.

As a supplement to the Company’s GAAP results, the Company presents constant currency revenue information, which is a non-GAAP financial measure. The Company presents results in this manner because it is a global company that transacts business in multiple currencies but reports financial information in U.S. dollars. Foreign currency exchange rate fluctuations affect the amounts reported by the Company in U.S. dollars with respect to its foreign revenues. Exchange rate fluctuations can have a significant effect on reported revenues. The Company believes presenting constant currency revenue information provides useful information to investors, as it provides information to assess how its businesses performed excluding the effects of changes in foreign currency exchange rates and assists investors in evaluating the effectiveness of the Company’s operations and underlying business trends in a manner that is consistent with management’s evaluation of business performance.

The Company calculates constant currency revenue information by translating its foreign revenues for the relevant period into U.S. dollars at the average exchange rates in effect during the comparable prior year period (rather than at the actual exchange rates in effect during the relevant period).

Constant currency performance should be viewed in addition to, and not in lieu of or as superior to, the Company’s operating performance calculated in accordance with GAAP. The constant currency revenue information presented may not be comparable to similarly described measures reported by other companies.

Please see Tables 1 through 9 and the sections entitled “Reconciliations of 2021 Constant Currency Revenue” and “Full Year and Quarterly Reconciliations of GAAP to Non-GAAP Amounts” later in this release for reconciliations of GAAP to non-GAAP amounts.

PVH CORP.
Consolidated GAAP Statements of Operations
(In millions, except per share data)

Please see following pages for information related to non-GAAP measures discussed in this release.

PVH CORP.
Non-GAAP Measures

The Company believes it is useful to investors to present its results for the periods ended January 30, 2022 and January 31, 2021 on a non-GAAP basis by excluding (i) the recognized actuarial gains on retirement plans in the fourth quarters of 2021 and 2020; (ii) the costs incurred in the first, second and third quarters of 2021 in connection with actions announced in March 2021 to streamline the Company’s organization through reductions in its workforce, primarily in certain international markets, and to reduce its real estate footprint, including reductions in office space and select store closures, consisting of noncash asset impairments, severance, and contract termination and other costs; (iii) the costs incurred in the first and second quarters of 2021 and the second, third and fourth quarters of 2020 related to exiting the Heritage Brands Retail business, consisting of severance and other termination benefits, accelerated amortization of lease assets, contract termination and other costs, and noncash asset impairments; (iv) the gain recorded in the third quarter of 2021 in connection with the sale of certain intellectual property and other assets of the Company’s Heritage Brands business that closed on the first day of the third quarter of 2021 (the “Heritage Brands transaction”), which includes a gain on the sale, less costs to sell, and a net gain on the Company’s retirement plans associated with the transaction; (v) the costs incurred in the third quarter of 2021 in connection with the Heritage Brands transaction, consisting of severance; (vi) the income (expense) recorded in the first, second, third and fourth quarters of 2020 resulting from the remeasurement of a mandatorily redeemable non-controlling interest that was recognized in connection with the acquisition of the approximately 78% interest in Gazal Corporation Limited that the Company did not already own (the “Australia acquisition”); (vii) the noncash impairment charges recorded in the first quarter of 2020 related to store assets as a result of the significant negative impacts of the COVID-19 pandemic on the Company's business, consisting of property, plant and equipment, and the noncash impairment charges recorded in the fourth quarter of 2020 related to store assets, consisting of lease assets and property, plant and equipment, as a result of the continued negative impacts of the pandemic and the impact of the shift in consumer buying trends from brick and mortar stores to digital channels; (viii) the noncash impairment charges recorded in the first quarter of 2020 related to goodwill, tradenames, and other intangible assets, as well as an equity method investment, as a result of the significant negative impacts of the COVID-19 pandemic on the Company’s business; (ix) the noncash net loss recorded in the first quarter of 2020 related to the sale of the Speedo North America business in April 2020 (the “Speedo transaction”) and the resulting deconsolidation of the net assets of the business; (x) the costs incurred in the first quarter of 2020 in connection with the consolidation within the Company’s warehouse and distribution network in North America; (xi) the costs incurred in the second and third quarters of 2020 in connection with the reduction in the North America office workforce announced in July 2020 (the “North America workforce reduction”), primarily consisting of severance; (xii) the tax effects associated with the foregoing pre-tax items; (xiii) the one-time discrete tax benefits recorded in the fourth quarter of 2021 principally resulting from a tax accounting method change made in conjunction with the Company’s 2020 U.S. federal income tax return; and (xiv) the discrete tax expense recorded in the fourth quarter of 2020 related to the remeasurement of certain of the Company’s net deferred tax liabilities in connection with the enactment of legislation in the Netherlands known as the “2021 Dutch Tax Plan,” which became effective on January 1, 2021. The Company excludes these amounts because it deems them to be non-recurring or non-operational and believes that their exclusion (i) facilitates comparing the results being reported against past and future results by eliminating amounts that it believes are not comparable between periods, thereby permitting management to evaluate performance and investors to make decisions based on the ongoing operations of the Company, and (ii) assists investors in evaluating the effectiveness of the Company’s operations and underlying business trends in a manner that is consistent with management’s evaluation of business performance. The Company believes that investors often look at ongoing operations of an enterprise as a measure of assessing performance. The Company uses its results excluding these amounts to evaluate its operating performance and to discuss its business with investment institutions, the Company’s Board of Directors and others. The Company’s results excluding the items described above are also the basis for certain incentive compensation calculations. The non-GAAP measures should be viewed in addition to, and not in lieu of or superior to, the Company’s operating performance measures calculated in accordance with GAAP. The information presented on a non-GAAP basis may not be comparable to similarly titled measures reported by other companies.

PVH CORP.
Non-GAAP Measures (continued)
(In millions, except per share data)

The following table presents the non-GAAP measures that are discussed in this release. Please see Tables 1 through 9 for the reconciliations of the GAAP amounts to amounts on a non-GAAP basis.

PVH CORP.
Reconciliations of GAAP to Non-GAAP Amounts
(In millions, except per share data)

PVH CORP.
Reconciliations of GAAP to Non-GAAP Amounts (continued)
(In millions)

PVH CORP.
Reconciliations of GAAP to Non-GAAP Amounts (continued)
(In millions)

PVH CORP.
Reconciliations of GAAP to Non-GAAP Amounts (continued)
(In millions)

PVH CORP.
Reconciliations of GAAP to Non-GAAP Amounts (continued)
(In millions)

PVH CORP.
Notes to Consolidated GAAP Statements of Operations
(In millions, except per share data)

A. The Company computed its diluted net income (loss) per common share as follows: