Calvin Klein owner PVH beats sales, profit estimates

Logo of Calvin Klein watches is seen at the Baselworld watch and jewellery fair in Basel, Switzerland, March 26, 2018. REUTERS/Arnd Wiegmann

(Reuters) – Apparel maker PVH Corp PVH.N on Wednesday topped sales and profit estimates and raised its earnings forecasts for the year, driven by double-digit growth in Calvin Klein and Tommy Hilfiger brands.

The company now expects earnings of $9.05 to $9.15 per share, compared with its previous forecast of $9.00 to $9.10 per share.

PVH said Calvin Klein’s sales rose 18 percent in the reported quarter, while Tommy Hilfiger reported sales growth of 21 percent.

Net income attributable to the company rose to $179.4 million, or $2.29 per share, in the first quarter ended May 6 from $70.4 million, or 89 cents per share, a year earlier.

Excluding items, PVH earned $2.36 per share, 11 cents more than the average analyst estimate, polled by Thomson Reuters I/B/E/S.

Net sales rose 16.4 percent to $2.31 billion, beating analysts’ expectation of $2.28 billion.

Shares of the company were marginally lower at $154.72 in extended trading.

Reporting by Nivedita Balu in Bengaluru; Editing by Maju Samuel and Anil D’Silva

Our Standards: The Thomson Reuters Trust Principles.