US: PVH raises FY guidance on Q2 profit surge
- Q2 net profit up 31.5% to US$87.7m
- Underlying revenue up 4% to $1.337bn
- CEO hails “exceptional” Tommy Hilfiger performance
Apparel group PVH Corp raised its full-year guidance on the back of better-than-expected second quarter profit growth, led by the company’s Tommy Hilfiger brand.
Revenues were relatively flat during the period, impacted by foreign currency movements and PVH’s exit from its Izod women’s and Timberland wholesale sportswear businesses, but rose 4% on an underlying basis.
Sales for Tommy Hilfiger rose 4% to US$721.9m, while Calvin Klein was up 5% to $251.2m, but the company’s Heritage Brands division declined 10% to $363.5m.
PVH is now predicting revenue in fiscal 2012 up 1-2% on last year’s total of $5.891bn, or up 5-6% on a constant currency basis, with underlying earnings per share hitting $6.25-6.32, up 16-17%.
“Our better than expected second quarter results reflect the continued momentum and ongoing operating efficiencies across our business model,” said Emanuel Chirico, company chairman and CEO.
“The exceptional performance of Tommy Hilfiger allowed us to exceed our earnings expectations, despite the cost pressures and the economic uncertainty that have impacted the global marketplace.”
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