Calvin Klein Parent PVH Corp. Shares Rise On Earnings Beat, Raised Guidance

Shares of PVH Corp. rose more than 3% late Wednesday after the parent of Calvin Klein, Tommy Hilfiger and other apparel retailers reported second-quarter earnings that beat Wall Street expectations and raised its earnings outlook. PVH said it earned $120 million, or $1.52 a share, in the quarter, compared with $91 million in the prior-year quarter. Adjusted for one-time items, PVH earned $122 million, or $1.69 a share, compared with $1.47 a share a year ago. Sales rose 7% to $2.07 billion, compared with $1.9 billion in the prior-year period. Analysts polled by FactSet had expected adjusted earnings of $1.64 a share on sales of $2.03 billion. The company raised its GAAP earnings guidance to between $6.44 a share and $6.54 a share, from $6.24 a share and $6.34 a share previously, and called for adjusted earnings in a range of $7.60 a share to $7.70 a share, from $7.40 a share to $7.50 a share previously. The shares ended the regular trading session down 0.2%.