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TOMMY HILFIGER REPORTS RESULTS FOR SECOND QUARTER AND SIX MONTHS OF FISCAL 1993

 TOMMY HILFIGER REPORTS RESULTS FOR SECOND QUARTER
 AND SIX MONTHS OF FISCAL 1993
 HONG KONG, Oct. 27 /PRNewswire/ -- Tommy Hilfiger Corporation, a newly public NYSE-listed company (TOM), today reported its results for the second quarter and six months of its fiscal year ending March 31, 1993.
 For the second quarter ended Sept. 30, 1992, sales increased 10.8 percent to $33.8 million, compared to $30.5 million for the same quarter last year. Net income increased 2.8 percent to $3.7 million, compared to $3.6 million in the same period last year. Earnings per share remained the same at $0.32. The average number of shares was 11.478 million versus 11.4 million for the prior year's quarter.
 Joel J. Horowitz, president of Tommy Hilfiger Corporation, said, "The results are in line with our expectations. As we discussed in our recent prospectus, the company's business this quarter reflects an industry-wide change in the retailers' buying patterns. Instead of building their inventories in the third calendar quarter for sale in the fourth calendar quarter, (which is the Christmas selling season), retailers are now generally waiting until the fourth calendar quarter to start building their inventories. This means that a significant amount of sales that the company traditionally booked in our second fiscal quarter will now be booked in our third fiscal quarter, ending Dec. 31, 1992.
 Furthermore, the company expects its sales will reflect greater seasonal trends."
 "Going forward, we expect sales and earnings growth to continue as planned as a result of our strategy to expand the product line and the in-store shop
program," said Mr. Horowitz. He added, "Our spring line has met with excellent response. Although there are continuing problems in the retail industry, as well as a difficult economy, we are on track for another good year."
 For the six months ended Sept. 30, 1992, sales increased 37.4 percent to $59.9 million, from $43.6 million for the same period last year.
 Net income increased 31.8 percent to $5.8 million, compared to $4.4 million recorded last year. Earnings per share increased 31.6 percent to $0.50 from $0.38 in the comparable period last year.
 On Sept. 29, 1992, the company issued 3,565,000 ordinary shares in an initial public offering. Net proceeds of $47.2 million will be used to pay off debt and make capital expenditures. Tommy Hilfiger Corporation has 14,965,000 ordinary shares outstanding.
 Tommy Hilfiger Corporation, through its subsidiaries, designs, sources and markets men's sportswear under the Tommy Hilfiger trademark. The company's products are sold in over 1,100 department and specialty retail stores.
 TOMMY HILFIGER CORPORATION
 Selected Financial Information
 (In thousands)
 Periods ended Three months Six months
 Sept. 30 1992 1991 1992 1991
 Net revenues $33,750 $30,493 $59,941 $43,567
 Income before income taxes 5,852 6,011 9,299 7,339
 Provision for income taxes 2,135 2,384 3,424 2,989
 Net income 3,717 3,627 5,805 4,350
 Earnings per share $0.32 $0.32 $0.50 $0.38
 Average number of shares
 outstanding 11,478 11,400 11,439 11,400
 -0- 10/27/92
 /CONTACT: Joel Horowitz of Tommy Hilfiger U.S.A., Inc., 212-840-8888/
 (TOM) CO: Tommy Hilfiger Corporation ST: IN: REA SU: ERN


SM -- NY021 -- 5204 10/27/92 09:08 EST
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Publication:PR Newswire
Date:Oct 27, 1992
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