PVH profit, sales beat estimates on demand for Calvin Klein
PVH Corp reported better-than-expected quarterly profit and sales, helped by higher demand for clothing and accessories under its Calvin Klein brand in North America and Europe.
PVH also raised its full-year adjusted profit guidance and the company forecast current-quarter earnings largely above analysts’ estimates.
The company said retail comparable sales rose 4 percent at its Calvin Klein stores in North America in the second quarter, driven by demand for new styles in underwear.
Revenue from the Calvin Klein brand rose 3 percent on a constant currency basis. PVH said it expected revenue in the brand to rise by about 7 percent on a constant currency basis in the third quarter.
Net income attributable to PVH fell to $102.2 million, in the quarter ended Aug. 2 from $126.5 million, or $1.52 per share, a year earlier. Total revenue declined 5.6 percent to $1.86 billion.