PVH Q4 Profit Up - Update

(RTTNews) - Apparel company PVH Corp (PVH), Wednesday reported an increase in profit for the fourth quarter, as revenues increased and operating costs dropped, with both earnings and revenues trumping Wall Street estimates.

New York-based PVH's fourth-quarter profit rose to $134.2 million or $1.63 per share from $51.5 million or $0.62 per share last year.

Adjusted earnings for the quarter were $1.52 per share, down from $1.76 per share last year. On average, 18 analysts polled by Thomson Reuters estimated earnings of $1.46 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues for the quarter rose 2 percent to $2.11 billion from $2.07 billion last year. Revenue increased 7 percent on a constant currency basis. Analysts had a consensus revenues of $2.07 billion for the quarter.

Among brands, sales increased 15 percent at Calvin Klein, while Tommy Hilfiger dropped 2 percent and Heritage Brands fell 10 percent.

Selling, general and administrative expenses for the quarter dropped to $898.5 million from $1.07 billion last year.

"We are very pleased with our fourth quarter and full year 2015 results, which exceeded our expectations despite the difficult macroeconomic environment and the highly promotional retail market in the U.S.," said CEO Emanuel Chirico.

Looking forward to the full year 2016, PVH currently projects 2016 adjusted earnings of $6.30 to $6.50 per share, including about $1.60 per share negative impact of foreign currency exchange. Analysts currently estimate earnings of $6.57 per share for the year.

For the first quarter, PVH expects adjusted earnings of $1.40 to $1.45 per share. Analysts currently estimate earnings of $1.33 per share.

PVH closed Wednesday's trading at $87.63, down $1.36 or 1.53%, on the NYSE. The stock, however rose $3.37 or 3.85% in the after-hours trade.