Calvin Klein and Tommy Hilfiger parent PVH Corp. (NYSE:PVH) stock gained 3.6% to $83.73 midday Wednesday on better-than-expected second-quarter earnings and sales.
PVH posted revenue of $2.21 billion, up 4% year-over-year and above Street expectations of $2.19 billion. Both the Calvin Klein and Tommy Hilfiger brands saw sales growth, the company said.
Calvin Klein generated total revenue of $940.20 million, 3.3% higher year-over-year and above the $926.10 million Street consensus. Tommy Hilfiger saw $1.14 billion in sales, up 5.6% from last year and in line with analysts' expectations.
“We delivered another strong quarter across both Calvin Klein and TOMMY HILFIGER driven by the disciplined execution of our long-term, brand-building growth plan, the PVH+ Plan," CEO Stefan Larsson said in a statement. "We generated double-digit revenue growth in our direct-to-consumer business in both our stores and in e-commerce, through our relentless focus on building brand desirability through product, consumer engagement and marketplace execution.”
Heritage Brands revenue fell 11.1% to $127.60 million, below the $133.20 million called for by analysts.
Adjusted earnings came in at $1.98 per share, beating analysts' expectations of $1.76.
The company also reiterated its full-year guidance of 3% to 4% revenue growth and adjusted earnings of approximately $10.35. Analysts have projected EPS of $10.04.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
Follow him on Twitter @andrew_kessel