From: ASAP
Tommy Hilfiger Corporation (NYSE: TOM) today confirmed that it expects to achieve second quarter earnings per share in line with pre-September 11 estimates reported by First Call, which ranged from $0.50 to $0.52 and which are consistent with estimates the Company provided in its July 30 earnings release. Results for the second quarter ended September 30, 2001 will be announced on October 31. The Company also said that, in light of continuing economic weakness and the impact on consumer confidence of the September 11 terrorist attacks, it now believes that recently lowered fiscal 2002 earnings per share estimates reported by First Call in the range of $1.24 to $1.50 are more realistic than the Company's and First Call's consensus pre-September 11 estimates of $1.60. Chief Executive Officer Joel Horowitz commented, "While the current retail environment clearly presents challenges, I feel very good about our position as a brand. In department stores, our women's and juniors' businesses continue to be among the best performers in their respective categories and our children's business is showing improvement. There are also some positive signs in our men's business, although the overall sector remains weak. We are encouraged that each week since September 11 has shown somewhat stronger department store sales than the week earlier. Our own retail stores, while experiencing reduced traffic since September 11, are also reporting a sequential upward trend.
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