Calvin Klein and Tommy Hilfiger owner PVH Corp. reported its third-quarter revenue rose 5%, beating analysts' expectations, driven by sales growth in Europe and China.
The New York-based company reported a profit of $239.2 million, or $3.05 a share, up from $126.2 million, or $1.56 a share, a year earlier.
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Excluding one-time items, PVH earned $3.02 a share, compared with $2.60 a share a year ago. Analysts polled by Thomson Reuters had forecast adjusted earnings of $2.91 a share on $2.34 billion in revenue.
Revenue for PVH, whose other brands include Van Heusen and IZOD, reached $2.4 billion, exceeding its guidance of a 4% increase.
Revenue for Calvin Klein increased 6% to $943 million, while its international revenue increased 20% to $467 million and its North America revenue decreased 5%.
Revenue for Tommy Hilfiger increased 10% to $1 billion, while international revenue increased 16% to $609 million and North America revenue increased 2% to $410 million.
PVH said its North America businesses were negatively impacted by the recent natural disasters.
The company said it was planning to spend an extra $20 million in marketing during the fourth quarter as it takes into account a strong start to the holiday season.
The company raised its full-year revenue outlook again to 7% higher, up from 6% last quarter and 3% before that. Guidance for the adjusted earnings per share was raised to $7.78 to $7.80 from $7.60 to $7.70.
Earlier in November, Calvin Klein announced that for the first time it was selling new underwear only on Amazon.com Inc. this holiday season, bypassing the department stores that typically have first dibs on its latest styles.
Shares fell 2.1% to $134.30 in after-hours trading.
Write to Aisha Al-Muslim at email@example.com
(END) Dow Jones Newswires
November 29, 2017 18:23 ET (23:23 GMT)