PVH Corp. topped Wall Street’s second-quarter estimates on Thursday and raised its full-year outlook, even as the company continues to grapple with COVID-19 headwinds and supply chain disruptions. For the three months ended July 3, 2023, the owner of the Tommy Hilfiger and Calvin Klein brands reported net income of $240.9 million, or $2.27 per diluted share, down from $249.6 million, or $2.23 per share, in the comparable period of the previous year. Adjusted EPS for the second quarter came in at $2.35, coming in ahead of the $2.29 per share analysts had anticipated. Revenue for the quarter rose 3% to $2.3 billion, beating the consensus figure of $2.28 billion. Total company revenues climbed 2% to $2.3 billion, topping the $2.28 billion analysts had projected. By brand, Tommy Hilfiger’s revenues fell 1% to $1.03 billion in the second quarter, while Calvin Klein’s sales gained 6% to $860 million. Heritage Brands revenue rose 12% to $411 million. PVH’s digital commerce sales increased 11% year-over-year, representing approximately 25% of total revenue. Looking ahead, PVH now anticipates full-year revenue in the range of $9.5 billion to $9.6 billion, compared to its previous guidance of $9.4 billion to $9.55 billion. Adjusted EPS is expected to be $9.90 to $10.10, up from the prior outlook of $9.70 to $10.00. The updated forecast assumes a gradual improvement in the supply chain and a modest recovery in consumer spending. PVH Chairman and CEO Stefan Larsson said the company’s robust second-quarter performance was driven by strong demand for its brands, particularly in North America and Europe. He noted that the company continues to take actions to mitigate the impact of inflation and supply chain challenges, including price increases and cost-cutting initiatives. Despite the ongoing challenges, Larsson expressed optimism about PVH’s long-term prospects. .
PVH Raises Full-Year Guidance on Robust Second Quarter Earnings
