Share Of Calvin Klein Parent PVH Soar After Earnings

Shares of Calvin Klein parent PVH Corp. jumped nearly 8% late Wednesday after the company reported quarterly earnings above expectations and revenue that met guidance and Wall Street forecasts. PVH said it earned $101 million, or $1.26 a share, in the fourth quarter, compared with $134 million, or $1.63, a year ago. Adjusted for one-time items, the company earned $1.23 a share, compared with $1.52 a share a year ago. Revenue reached $2.1 billion in the quarter, flat compared to the prior year. Analysts polled by FactSet had expected earnings of $1.19 a share on sales of $2.1 billion in the quarter. PVH's board authorized a $750 million increase and extension until June 2020 for the company's share buyback program, the company said. Shares of PVH, which also owns Heritage Brands and Tommy Hilfiger, had ended the regular session down 2%.