Calvin Klein-owner PVH Corp raises FY profit outlook on strong demand in Europe

Business

(Reuters) – PVH Corp (PVH.N) raised full-year adjusted profit forecast on Monday after its third-quarter results beat Wall Street expectations, powered by higher demand for its Calvin Klein and Tommy Hilfiger apparel in Europe.

FILE PHOTO: Logo of Calvin Klein watches is seen at the Baselworld watch and jewellery fair in Basel, Switzerland, March 26, 2018. REUTERS/Arnd Wiegmann

The New York-based company has been trying to attract millennial shoppers by sponsoring social media influencers including 23-year-old model Bella Hadid, singer Billie Eilish and British F1 racer Lewis Hamilton to promote its brands.

Total revenue rose 2.5% to $2.59 billion, above average analysts’ estimate of $2.54 billion, according to IBES data from Refinitiv.

The company now expects to earn between $9.43 and $9.45 per share for full year 2019 on an adjusted basis, compared with its prior range of $9.30 to $9.40.

Sales at Tommy Hilfiger, its biggest revenue generator, jumped about 10% to $1.24 billion.

Calvin Klein, which is recovering from the fashion missteps it made last year, saw sales rise marginally to $968.9 million.

Excluding items, the company earned $3.10 per share, beating average analysts’ estimate of $3 per share.

Net income attributable to the company fell to $209.2 million, or $2.82 per share in the quarter ended Nov 3, from $243.1 million, or $3.15 per share, a year earlier.

Shares of the New York-based company were slightly up at $101 in aftermarket trading.

(This story adds dropped word demand in headline)

Reporting by Praveen Paramasivam in Bengaluru; Editing by Vinay Dwivedi

Products You May Like

Articles You May Like

Nadhim Zahawi ‘transparent’ over tax affairs – Raab
Nadhim Zahawi: Tax error was careless and not deliberate
Call for probe into claims BBC chair helped Johnson secure loan
‘Get it all out now’ over tax affairs, Zahawi urged
Nadhim Zahawi tax row: Conservative Party chairman determined to stay on, say allies

Leave a Reply

Your email address will not be published. Required fields are marked *