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 apparel companies in the world. We have over 36,000 associates
operating in over 40 countries and nearly $9 billion in annual
revenues. We own the iconic CALVIN
KLEIN, TOMMY
HILFIGER, Van
Heusen, IZOD,
ARROW,
Speedo*,
Warner's,
Olga
and Geoffrey Beene brands, as well as the digital-centric True
& Co. intimates brand, and market a variety of goods under
these and other nationally and internationally known owned and licensed
brands.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT
OF 1995: Forward-looking statements made during the Annual Meeting of
Stockholders/webcast, including, without limitation, statements relating
to the Company's future revenue and earnings, plans, strategies,
objectives, expectations and intentions are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of
1995. Investors are cautioned that such forward-looking statements are
inherently subject to risks and uncertainties, many of which cannot be
predicted with accuracy and some of which might not be anticipated,
including, without limitation, (i) the Company's plans, strategies,
objectives, expectations and intentions are subject to change at any
time at the discretion of the Company; (ii) the Company may be
considered to be highly leveraged and uses a significant portion of its
cash flows to service its indebtedness, as a result of which the Company
might not have sufficient funds to operate its businesses in the manner
it intends or has operated in the past; (iii) the levels of sales of the
Company's apparel, footwear and related products, both to its wholesale
customers and in its retail stores, the levels of sales of the Company's
licensees at wholesale and retail, and the extent of discounts and
promotional pricing in which the Company and its licensees and other
business partners are required to engage, all of which can be affected
by weather conditions, changes in the economy, fuel prices, reductions
in travel, fashion trends, consolidations, repositionings and
bankruptcies in the retail industries, repositionings of brands by the
Company's licensors, and other factors; (iv) the Company's ability to
manage its growth and inventory, including the Company's ability to
realize benefits from acquisitions; (v) quota restrictions, the
imposition of safeguard controls and the imposition of duties or tariffs
on goods from the countries where the Company or its licensees produce
goods under its trademarks, any of which, among other things, could
limit the ability to produce products in cost-effective countries, or in
countries that have the labor and technical expertise needed; (vi) the
availability and cost of raw materials; (vii) the Company's ability to
adjust timely to changes in trade regulations and the migration and
development of manufacturers (which can affect where the Company's
products can best be produced); (viii) changes in available factory and
shipping capacity, wage and shipping cost escalation, civil conflict,
war or terrorist acts, the threat of any of the foregoing, or political
or labor instability in any of the countries where the Company's or its
licensees' or other business partners' products are sold, produced or
are planned to be sold or produced; (ix) disease epidemics and health
related concerns, which could result in closed factories, reduced
workforces, scarcity of raw materials and scrutiny or embargoing of
goods produced in infected areas, as well as reduced consumer traffic
and purchasing, as consumers become ill or limit or cease shopping in
order to avoid exposure; (x) acquisitions and divestitures and issues
arising with acquisitions, divestitures and proposed transactions,
including, without limitation, the ability to integrate an acquired
entity or business into the Company with no substantial adverse effect
on the acquired entity's, the acquired business's or the Company's
existing operations, employee relationships, vendor relationships,
customer relationships or financial performance, and the ability to
operate effectively and profitably the Company's continuing businesses
after the sale or other disposal of a subsidiary, business or the assets
thereof; (xi) the failure of the Company's licensees to market
successfully licensed products or to preserve the value of the Company's
brands, or their misuse of the Company's brands; (xii) significant
fluctuations of the U.S. dollar against foreign currencies in which the
Company transacts significant levels of business; (xiii) the Company's
retirement plan expenses recorded throughout the year are calculated
using actuarial valuations that incorporate assumptions and estimates
about financial market, economic and demographic conditions, and
differences between estimated and actual results give rise to gains and
losses, which can be significant, that are recorded immediately in
earnings, generally in the fourth quarter of the year; (xiv) the impact
of new and revised tax legislation and regulations, particularly the
recently enacted U.S. Tax Cuts and Jobs Act that might
disproportionately affect the Company as compared to some its peers due
to the specific tax structure of the Company and its greater percentage
of revenues and income generated outside of the United States; and
(xv) other risks and uncertainties indicated from time to time in the
Company's filings with the Securities and Exchange Commission ("SEC").
