PVH Q4 Results Trump Wall Street Expectations

(RTTNews) - Apparel company PVH Corp. (PVH), on Wednesday posted a better-than expected results for the fourth quarter, as sales of its Calvin Klein and Tommy Hilfiger brands continue to increase.

PVH's fourth-quarter profit rose to $108.5 million or $1.39 per share from $100.7 million or $1.26 per share last year.

Adjusted earnings for the quarter rose to $1.58 per share from $1.23 per share last year. On average, 17 analysts polled by Thomson Reuters estimated earnings of $1.46 per share. Analysts' estimates typically exclude one-time items.

Revenues for the quarter grew 19 percent to $2.50 billion from $2.11 billion last year. Analysts had a consensus revenue estimate of $2.35 billion for the quarter.

Commenting on the results, CEO Emanuel Chirico said, "We are very pleased with our fourth quarter and full year 2017 results, which exceeded our expectations. These results are ahead of our long-term targets, driven largely by strong momentum in our Tommy Hilfiger and Calvin Klein businesses."

Revenue in the Calvin Klein business increased 23 percent to $977 million, with international revenues up 33 percent and North America up 13 percent. Tommy Hilfiger business revenues rose 22 percent to $1.1 billion with international revenues up 37 percent and North American up 5 percent.

Looking forward to the first quarter, PVH expects adjusted earnings of $2.20 to $2.25 per share and revenues to increase around 15 percent.

For the full year 2018, PVH expects adjusted earnings of $9.00 to $9.10 per share and revenues to increase about 7 percent.

PVH closed Wednesday's trading at $143.83, up $0.86 or 0.47% on the NYSE. The stock further gained $4.71 or 3.27% in the after-hours trade.