XML 14 R2.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Consolidated Statements of Operations - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Aug. 04, 2024
Jul. 30, 2023
Aug. 04, 2024
Jul. 30, 2023
Total revenue [1] $ 2,074.3 $ 2,207.0 $ 4,026.2 $ 4,364.9
Cost of goods sold (exclusive of depreciation and amortization) 828.4 934.7 1,581.6 1,842.3
Gross profit 1,245.9 1,272.3 2,444.6 2,522.6
Selling, general and administrative expenses 1,083.3 1,138.5 2,100.6 2,202.5
Non-service related pension and postretirement income 0.4 0.3 0.9 0.9
Other gain 0.0 0.0 10.0 0.0
Equity in net income of unconsolidated affiliates 10.9 9.2 24.1 21.1
Income before interest and taxes [2] 173.9 143.3 [3] 379.0 342.1 [3]
Interest expense 22.8 25.9 46.1 51.2
Interest income 3.7 2.3 9.3 5.6
Income before taxes 154.8 119.7 342.2 296.5
Income tax (benefit) expense (3.2) 25.5 32.8 66.3
Net income $ 158.0 $ 94.2 $ 309.4 $ 230.2
Basic net income per common share $ 2.83 $ 1.52 $ 5.46 $ 3.69
Diluted net income per common share $ 2.80 $ 1.50 $ 5.39 $ 3.65
Net sales        
Total revenue $ 1,965.1 $ 2,105.2 $ 3,815.3 $ 4,156.3
Royalty revenue        
Total revenue 87.7 80.1 168.9 164.8
Advertising and other revenue        
Total revenue $ 21.5 $ 21.7 $ 42.0 $ 43.8
[1] Revenue was impacted by fluctuations of the United States dollar against foreign currencies in which the Company transacts significant levels of business.
[2] Income before interest and taxes was impacted by fluctuations of the United States dollar against foreign currencies in which the Company transacts significant levels of business.
[3] Income before interest and taxes for the thirteen and twenty-six weeks ended July 30, 2023 included costs of $39.0 million incurred related to the 2022 cost savings initiative described in Note 14, “Exit Activity Costs,” consisting principally of severance. Such costs were included in the Company’s segments as follows: $6.4 million in Tommy Hilfiger North America, $12.3 million in Tommy Hilfiger International, $5.9 million in Calvin Klein North America, $8.5 million in Calvin
Klein International, $4.6 million in Heritage Brands Wholesale and $1.3 million in corporate expenses not allocated to any reportable segments. Please see Note 14, “Exit Activity Costs,” for further discussion.