PVH beats 2Q profit expectations, misses revenue forecasts

MarketsAssociated Press

PVH Corp. on Wednesday reported net income of $126.5 million in its fiscal second quarter.

The owner of the Calvin Klein and Tommy Hilfiger brands said it turned a profit of $1.52 per share. Excluding one-time gains and costs, PVH said it earned $1.51 per share. PVH took a loss a year ago on costs related to its integration of rival clothier Warnaco, which it bought for $2.9 billion.

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The results topped Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $1.43 per share.

The New York-based company posted revenue of $1.98 billion in the period. That missed Street forecasts, as Zacks says analysts expected $1.99 billion on average.

For the current quarter ending in October, PVH expects earnings of $2.45 to $2.50 per share. Analysts surveyed by Zacks had forecast adjusted earnings of $2.46 per share. The company said it expects about $2.25 billion in revenue for the quarter. Analysts surveyed by Zacks expected $2.32 billion.

PVH expects an adjusted annual profit in the range of $7.30 to $7.40 per share, with $8.4 billion in revenue.

Shares of PVH gained $5.98, or 5.1 percent, to $123.11 in aftermarket trading. PVH shares have decreased 14 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 8 percent.