PVH Corporation, the parent company of iconic brands such as Calvin Klein and Tommy Hilfiger, has announced strong financial performance for the second quarter of fiscal 2023. The company’s sales exceeded expectations, prompting an upward revision of its full-year earnings forecast..
**Q2 Financial Highlights:**.
* **Revenue:** $2.36 billion, a 3% increase year-over-year and above analyst estimates of $2.29 billion.
* **Diluted EPS:** $2.58, surpassing consensus expectations of $2.42.
* **Gross Margin:** 54.8%, a 140 basis point decline primarily due to higher input costs and unfavorable currency exchange rates.
* **EBITDA:** $389 million, a 9% decrease year-over-year.
**Brand Performance:**.
* **Calvin Klein:** Sales increased by 4% to $988 million, driven by strong demand for both its apparel and accessories lines..
* **Tommy Hilfiger:** Revenue rose by 2% to $818 million, supported by growth in its sportswear and denim categories..
* **Heritage Brands:** Sales declined by 2% to $440 million, impacted by lower demand for dress shirts and tailored clothing..
* **International:** International revenue accounted for 63% of total sales, with strong growth in Europe and Asia..
**Revised Full-Year Outlook:**.
Based on its Q2 performance and current market conditions, PVH Corporation has raised its full-year guidance as follows:.
* **Revenue:** Expected to be in the range of $9.55 billion to $9.70 billion, compared to the previous forecast of $9.40 billion to $9.60 billion.
* **Diluted EPS:** Projected to be between $11.05 and $11.25, up from the previous estimate of $10.75 to $11.05.
**Management Commentary:**.
Stefan Larsson, CEO of PVH Corporation, expressed optimism about the company’s future prospects:.
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