Good morning. I'm Mark Fisher, General Counsel and Secretary of PVH Corp. As you take your seats, I will take this opportunity to read you one of the finest pieces of literature known to man, our Safe Harbor statement. The presentations to be made during this meeting include market and industry data from research, surveys, studies and publications issued by third parties and information from customers. While we believe the information is reliable, we have not verified it and do not represent its accuracy.
The presentation also include forward looking statements that reflect our view as of May 25, 2016, of future events and performance. These statements are subject to risks and uncertainties, including those identified in our SEC filings. As such, our future results could differ materially from previous results or current expectations. These results include our right to change our strategies, objectives and intentions, our need to use significant cash flow to service our debt obligations our businesses' vulnerability to weather, economic conditions, fuel prices, fashion trends, loss of retail accounts, epidemics, war, terrorism, scarcity of raw materials and other factors our reliance on the sales of our business partners and our exposure to the behavior of our associates, business partners and the celebrities and designers whose names we own or license. We do not undertake any obligation to update publicly any forward looking statement, including estimates regarding revenue and earnings.
The presentation also includes non GAAP financial measures as defined by the SEC. Reconciliations of these measures are included in our current reports on Form 8 ks identified in the press release announcing this meeting. The 8 ks's are available on pvh.com and on the SEC's website. And now I'd like to introduce Manny Chirico, Chairman and CEO of PVH.
Good morning, everyone. Before we begin our Annual Meeting, I wanted to share on behalf of the PVH family how deeply saddened we are by the terrible events that occurred in Orlando, Florida. We at PVH were directly impacted by this tragedy as Frank Hernandez, our Calvin Klein store manager, was a victim of the senseless attack. Our thoughts and prayers are with our associates in the area and all those affected by this horrible tragedy, especially the Hernandez family. Please let us take a moment to honor them all with a moment of silence.
Thank you very much. I'd like to call the meeting to order. Good morning, everyone, and I welcome you officially to the 2016 meeting of stockholders of PVH Corporation. First, I'd like to introduce our directors and nominees for director who are present. Mary Baglevo, Brent Kalanikos, Joe Fuller, Jim Marino, Penny McIntyre, Henry Nacella, Ed Rosenfeld and Craig Rydon.
All of those individuals, along with myself and Juan Figaro, who could not be in attendance, are nominees for Director. Our accountants, Michael Petrain, David Vermundi and Joel Weber of Ernst and Young, our outside auditors are here and available to respond to any questions you may have. The Secretary has informed me that we have an affidavit certifying that the mailing of the notice of the annual meeting, the proxy statement, the form of the proxy statement and the annual report are attached. It will be annexed to the minutes of this meeting. Wells Fargo Shareholder Owner Services has been appointed Inspectors of Election.
Dawn Coleman of Wells Fargo Shareholders Services, our transfer agent, has been appointed as the inspector of election for this meeting. An oath of the inspector has been filed and will be annexed to the minutes of the meeting. Any stockholders who had not executed a proxy or wishes to change his proxy, may vote in person or by requesting a registration form or ballots. Does anyone need a ballot? Thank you.
The inspectors of election have advised me that we have over 50% of the eligible vote represented at the meeting and therefore we have a quorum. In fact, we have approximately 68,861,000 votes or 85% of the eligible votes represented at the meeting. As indicated in the proxy statement, we have 3 matters to vote upon at the meeting. After the introduction of each matter, you will be given the opportunity to comment on that specific proposal. Please hold all other questions until the question and answer period later in the meeting.
The meeting is now open to consider the election of 10 directors for the upcoming year. May I have the proposal?
I believe that the founders of PDH Corp. Electives directors Mary Baglivo, Brent Kalitnikos, Emmanuel Chirico, Juan Figueredo, Joseph B. Fuller, V. James Marino G. Penny McIntyre Henry Nacella Edward R.
Rosenfeld and Craig Rydon to serve for a term of 1 year, expiring at the Annual Meeting of Stockholders in 2017 as set forth in the proxy statement for this meeting.
Are there any questions or comments about the proposal? There being no question, I'll ask if anyone needs to vote. And if so, ballots will be distributed. I will close the discussion on that matter. The meeting is now open to consider the ratification of the appointment of Ernst and Young LLP as auditors for the current fiscal year.
May I have the proposal?
I move that the stockholders of PVH Corp. Ratify the appointment of Ernst and Young LLP as independent auditors of the company for the fiscal year ending January 29, 2017, as set forth in the proxy statement for this meeting. Any questions or comments?
There being none, I'll ask if anyone needs a ballot in order to vote. I will close the discussion on that matter. And the seine we now have the proposal for seine pay.
I move that the stockholders of PVH Corp. Approve on an advisory basis the compensation paid to our named executive officers as disclosed pursuant to the rules of the SEC in the proxy statement for this meeting. Any questions or comments?
There being none, I'll ask if anyone needs a ballot to vote, and I will close the discussion on that matter. Now I'm going to make a quick, relatively quick business review update on the company, and then I'll open up for general questions about the company. Again, with the safe harbor. PVH is one of the largest apparel companies in the world with over $8,000,000,000 in revenues, gives you a sense of the strength, really driven by our 2 key brands, Calvin Klein and Tommy Hilfiger. $8,000,000,000 in revenues, a little bit over $800,000,000 in EBIT and earnings per share of $7.05 and that includes the impact of foreign currency translation and transaction impacts of just about almost $1.40 So if you were to look at the earnings per share on a constant currency basis, last year our earnings grew about 14%.
The 3 distinct businesses that we operate are the Calvin Klein business with just under $3,000,000,000 in revenues Tommy Hilfiger with overall global retail sales of just under $7,000,000,000 and internal reported revenues of just under $3,500,000,000 and our heritage businesses with revenues of about $1,700,000,000 And I'll talk about each one as we go forward. Our strategies for growth clearly continue to be driven by the 2 lead horses, our 2 power brands, Calvin and Tommy. We continue to really connect with our consumer and engage with our consumer. Looking to expand globally, the two regions where we see dramatic growth continue to be Asia and our Latin America businesses where the brands have tremendous strength and where our profitability is the highest. We continue to look at other areas of growth.
We've brought back a number of our licensed businesses and assume direct control of those. That's occurred in China with our Tommy Hilfiger business. And there's opportunities to really look at other of our license businesses to bring them in house. And I think we've demonstrated the ability to bring those in house, expand those businesses and integrate them efficiently onto our operating platforms. We've had a long history of solid sales and earnings growth on over a 13 year period.
The last year really being impacted by foreign currencies, I touched on that. And this year also, our estimates to call for us to be significantly impacted by foreign currencies. Over the last 2 years, fiscal 2015 and fiscal 2016, if you will look at those 2 years together, earnings on a compounded annual growth rate on a constant currency basis are projected to grow between 13% 15% for those 2 years. So the fundamentals of the business continue to be very strong. The underlying business model continues to work very efficiently.
We're dealing with the impacts of the strengthening dollar across the world. That's hopefully will be behind us as we turn into the Q4 of this year and into the first quarter of next year, where we can our reported earnings will really match the performance that we're seeing in the underlying business. Free cash flow has been very strong. Since the acquisition of Wanaco in 2012, we've paid down over $1,100,000,000 in debt. We are very comfortable today with our capital structure.
Our businesses, by their inherent nature, are very cash flow positive. This year, we're projected to pay down an additional $350,000,000 of long term debt, while at the same time returning capital to our shareholders and making the appropriate investments in the business, including the acquisition of the Tommy Hilfiger China business in the Q1 of this year. As we look at the business and we think about our business model, we really see that our Calvin Klein business on a long term basis, we're looking for revenue growth in the mid- to high single digit range. We've been exceeding that on a constant currency basis. We believe our operating margins as we recycle the strengthening dollars impact will grow once again above the 15% threshold.
On the Tommy Hilfiger business, we see similar growth, again being driven by our international businesses, Asia, Latin America and as well as our businesses in Europe, which continue to perform so well. Operating margins there have averaged about 12%, where we've really seen the transactional impact on the strengthening dollar in 2015. We believe over the next 3 years, we can claw back the operating margins in the Tommy Hilfiger business to get to approach 14% as we move forward. Our heritage businesses, which we've really been restructuring, pairing back, looking to really run these businesses very efficiently to really run them from a return on investment basis, They've been operating just under 7.5 percent operating margins targeted to be above 7.5% this year. And we think our long term goal is to bring that business back to an overall 10% operating margin business.
Overall, we see mid single digit growth in our on a top line organic from an organic growth basis. This excludes acquisitions outside of Tommy and Calvin. And we see our operating margins really growing over the next 3 years by 100 to 150 basis points to 12%. So we think our organic business gives us the opportunity to continue to grow and meet the demands of the market, while there's opportunities to use our strong cash flow to enhance that through strategic acquisitions and strategic investments. I always like to say it's not all about the bottom line.
We don't measure ourselves at PVH by our balance sheet or by just our balance sheet or just our income statement. We really think about how we are represented around the world. We are very we've been a leader and will continue to be a leader in the human rights area, making sure that workers around the world operate in a safe environment, that they are paid appropriate wage for their labor and that we can lift the economic situation around the world in developing countries where we operate. At the same time, we continue to be concerned about our the environment that we impact. We look for ways to be more efficient and more environmentally friendly in the way we produce goods, the raw materials we use and in the packaging to become a much more sustainable company.
It's a commitment that we have. And then of course, we think about our people, providing them with the appropriate training, development, the ability to advance, the ability to have a very good compensation package as they grow, as we move. And we want to invest back in the communities. We feel that it's critical that we give back to the communities where we sell goods, where we operate, where we make goods. We're truly an international company and we've partnered with a number of organizations like Save the Children to really focus on our core belief to really invest in women and children around the world to make their lives better and to provide them with a better life.
It's part of who we are as a company. These are just some not to pound our chest, just some recognitions that we've had over the years from America's Best Employers to World Most Admired Companies, being one of the top 100 corporate citizens globally around the world. It's very important to us that we're also involved there. So clearly, you get a sense of how we think about ourselves and that we are being recognized for our efforts around the world. And with that, I'll open it up if anyone here has any questions about the business or about some of the matters facing the company.
There being no questions, I will now turn it over to Michelle O'Donnell, who will give us a recap of the results of the road.
The Inspector of Election has certified to the results of the matters voted upon at this 2016 Annual Meeting of Stockholders. The certification, which will be appended to the minutes of this meeting, provides in part that the Annual Meeting was held pursuant to notice duly given. The inspector was sworn to execute faithfully the duties of Inspector of Election with strict impartiality and according to the best of her ability. There were present in person or by proxy holders of 68,860,976 shares of common stock or 84.97 percent of the shares eligible to be voted at the meeting. A quorum for all purposes was present at the meeting.
Each of the 10 nominees for Director received a majority of the votes cast and was declared to be duly elected for a term of 1 year. The advisory proposal to approve the compensation paid to our named executive officers was approved by 96.16 percent of the votes cast and was declared to have been duly adopted. The resolution ratifying the appointment of Ernst and Young LLP as auditors for the fiscal year ending January 29, 2017, received an affirmative vote of a majority of the shares present and was declared to have been duly adopted.
Thank you, Michelle, and thank you for all your work to have this have us so well prepared for today. I thank you all for coming, and the meeting is now officially adjourned. Have a great day.