PVH boosts 3Q, full-year earnings forecasts
NEW YORK (AP) — Clothing maker PVH raised its earnings forecasts for the third quarter and full year on Tuesday, citing the strength of its Calvin Klein and Tommy Hilfiger brands.
The company said Tuesday that Tommy Hilfiger is doing particularly well in North America and that its planned turnaround of the Heritage Brands wholesale businesses is going better than expected.
For the third quarter, PVH Corp. now anticipates adjusted earnings of $2.28 to $2.30 per share. Its previous guidance was for $2.20 to $2.25 per share.
The New York company now expects full-year adjusted earnings of $6.32 to $6.37 per share, up from $6.25 to $6.32 per share.
Analysts polled by FactSet expected third-quarter earnings of $2.25 per share and full-year earnings of $6.30 per share.
In August PVH reported that its second-quarter net income rose 31 percent, buoyed by stronger sales of its Tommy Hilfiger and Calvin Klein brands, as well as improved royalty and advertising revenue.
PVH is hosting its annual day in New York on Tuesday.
Its shares rose $1.20 to $94.16 in morning trading. That approaches its 52-week high of $95.98 set in early September.