US: PVH cuts Q4, full-year revenue forecasts
PVH Corp has lowered its revenue guidance for the fourth quarter and full year, after previously warning of a competitive and highly promotional holiday season.
The apparel giant, whose brands include Calvin Klein and Tommy Hilfiger, now expects fourth-quarter adjusted revenue to be US$2.06bn, compared to its earlier guidance of $2.08bn. Full-year adjusted revenue is forecast to be $8.22bn, down from its previous estimate of $8.24bn.
PVH reaffirmed its respective $1.40 and $7.00 earnings per share guidance for the fourth quarter and full year.
CEO Manny Chirico added the company will see some improvement in the second half of the year, with the new autumn products, including jeans and underwear.
The comments came after PVH recorded a double-digit increase in third-quarter profit to US$196.6m from $167.7m in the prior-year period.
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