PVH posts Q2 profit beats estimates, shares up
(Reuters) - Clothing maker PVH Corp (PVH.N) posted a quarterly profit above estimates as its major growth drivers, the Tommy Hilfiger and Calvin Klein brands, stayed popular with shoppers, prompting the company to raise its full-year forecast.
The company expects to earn $5.00-$5.12 per share on an adjusted basis in the full year, compared with $4.98 per share, estimates by analysts polled by Thomson Reuters I/B/E/S.
The company had earlier said it would earn $4.80-$5.00 for the year.
PVH shortened its name from Phillips-Van Heusen Corp earlier this year, as the majority of its sales now comes from its Calvin Klein and Tommy Hilfiger brands rather than Van Heusen.
For the quarter, the clothier earned $66.7 million, or 92 cents a share, compared with a loss of $70.6 million, or $1.07 per share, a year ago.
Excluding items, the company earned $1.07 per share.
Sales at PVH rose 21 percent to $1.33 billion.
Analysts, on average, expected the company to earn 95 cents a share on revenue of $1.28 billion.
Revenue at Calvin Klein rose 19 percent, while at Tommy Hilfiger revenue saw an increase of 30 percent.
Shares of the company were trading up at $67.25 in after-market trade. They closed at $64.90 on Tuesday on the New York Stock Exchange.
(Reporting by Nivedita Bhattacharjee and Meenakshi Iyer; Editing by Joyjeet Das)
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