US: PVH Q2 profit boosted by Hilfiger growth
- Q2 net profit US$126.5m, up from $5.4m loss
- Revenues rise 4% to $1.98bn
- Tommy Hilfiger revenues up 9%
PVH enjoyed a robust performance from Tommy Hilfiger in the second quarter
The company’s two leading brands both recorded revenue growth, with Tommy Hilfiger up 9% to $870m and Calvin Klein up 1% to $675m, but PVH’s Heritage Brands were flat with revenues of $431m.
Tommy Hilfiger’s performance was boosted by strong wholesale growth in North America, as well as retail comps growth of 2% in the three months to 3 August.
PVH chairman and CEO Emanuel Chirico pointed out that the group had exceeded its second quarter guidance and said: “Despite the anticipated difficult macroeconomic environment, we successfully navigated through heightened promotional activity in North America and volatility in certain key international markets.
“We believe the global macroeconomic environment will remain under pressure, yet we are cautiously optimistic about the second half of the year.”
For the full year, PVH forecasts earnings per diluted share of $7.30-7.40 on an underlying basis, alongside revenues of about $8.4bn.
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