PVH Corp., the owner of Calvin Klein and Tommy Hilfiger, crushed Wall Street’s estimates for its first-quarter revenue and profit thanks to booming clothing sales.
The retail group’s earnings per share for the opening three months of the year came to US$2.36 on revenue of US$2.3bn. These figures sped past analysts’ estimates of US$2.25 per share on revenue of US$2.28bn.
The big winner in the quarter was Tommy Hilfiger, which saw its revenue jump 21% in the quarter to US$1bn. Calvin Klein also produced a sizeable profit, with its revenue climbing 18% in the quarter to US$890mln.
PVH is now forecasting that its earning per share will fall US$2.05 to US$2.10 on an adjusted basis in the second quarter.
For the full year, on an adjusted basis, the company also raised its forecast and now projects that its earnings will fall between US$9.05 and $9.15.
PVH shares fell 1% to $153.70 in after-hours trading.