US: PVH says may exceed earnings outlook
Apparel maker PVH Corp today (21 June) reaffirmed its second-quarter and full-year guidance and said it might exceed its earlier outlook if current business trends continue.
The New York based clothing firm raised its full-year forecast last month after posting a 61% surge in first quarter earnings thanks to strong global demand for its Calvin Klein and Tommy Hilfiger brands.
The company said both brands performed above expectations despite cost pressures and economic headwinds in Europe - and are likely to continue this momentum despite the uncertain macroeconomic environment in both the US and Europe.
First quarter net income rose to $93.1m, while revenue increased 4% to $1.43bn.
PVH expects full-year earnings per share in the range of $6.15 to $6.25, an increase of 14% to 16% over the prior year's $5.38, with sales increasing by 1% to 2%.
In the second quarter, earnings are seen rising 10-12% over the previous year to between $1.18 and $1.20, with revenues staying flat.
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