* Shares drop nearly 4 percent
Sept 9 PVH Corp, which makes Calvin
Klein and Tommy Hilfiger clothes, gave a sales and profit
forecast for the third quarter that missed Wall Street
expectations and characterized the global environment as
Shares fell 3.7 percent to $127.25 in after-hours trading.
For the third quarter, PVH projected adjusted earnings of
about $2.20 a share and revenue of $2.2 billion, while analysts
expected a profit of $2.28 a share on revenue of $2.23 billion,
according to Thomson Reuters I/B/E/S.
PVH said it "remains cautious" about the remainder of the
fiscal year. Last month, many retailers, from Saks Inc
to Wal-Mart Stores Inc reported disappointing sales for
the second quarter as shoppers pulled back on spending.
In the second-quarter, PVH revenue rose 47 percent to $1.97
billion, led by strong sales of Tommy Hilfiger clothes
worldwide, which mitigated slow Calvin Klein sales in Southern
Europe. In February, PVH bought Warnaco, which added $507
million to the sales.
For the quarter, which ended Aug. 4, PVH reported a net loss
of $16 million, or 20 cents per share, compared to a profit of
$89.9 million, or $1.22 a share a year earlier.
Excluding expenses related to the Warnaco deal, PVH earned
$1.39 a share.