Tommy Hilfiger announces stellar growth |
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| Wednesday, 25 June 2008 | |
 Tommy Hilfiger this week announced record results for the financial year ended 31 March 2008. The company reported total Group net sales increased 14.4% to €1,340 million and European sales up 22.8% to €707 million. The company this year opened 140 new freestanding store openings,
 taking the global store portfolio to 796 and also entered into a strategic alliance with Macy’s, one of the United States’ premier department stores, due to commence in Fall 2008. Commenting on the results Fred Gehring, Chief Executive Officer, said: “We are extremely proud of these record financials. For many years now our international business outside of the US has delivered consistent growth at a premium position. We are especially pleased as well that the initiatives we have undertaken in the past two years to elevate and reposition the brand in the US have delivered such strong results. Not only does our global forward order book show a double digit increase for the fall of '08, our US business at our retail stores and at Macy's has performed exceptionally well throughout the year and in the currently challenging economic environment. We believe that the Group is now perfectly aligned globally and is strongly positioned for continued global expansion.”
In Europe, wholesale revenue increased by 22.4% due to a strong performance from all divisions and countries and the September 2007 acquisition of the Group’s former footwear licensee, Tommy Hilfiger Footwear, which accounted for 8.2% points of the growth. Retail revenue increased by 26.4%, mainly due to new and refurbished stores. The like-for-like growth was 3.8%. Image: Tommy Fragrance |
