NEW YORK — Shares of PVH Corp. climbed more than 7 percent in after-hours trading after the company reported first-quarter results that substantially exceeded both Wall Street and its own expectations.Despite the sizeable beat — earnings per share on a non-GAAP basis were $1.91, 56 cents above the $1.35 consensus of analysts — PVH reiterated its full-year guidance based on “the short amount of time that has passed since closing the Warnaco acquisition and the complexity of the integration.”PVH concluded its $2.9 billion acquisition of Warnaco Group Inc. on Feb. 13 and has since said that costs for the integration and the rebuilding of the Calvin Klein jeanswear and underwear businesses previously operated by Warnaco would exceed initial projections.RELATED CONTENT: Click Here for More Earnings Coverage >>On the basis of generally accepted accounting principles, PVH’s net loss for the quarter ended May 5 was $20.1 million, or 25 cents a share, versus net income of $95.5 million, or $1.30, in the year-ago quarter. The higher non-GAAP figure excludes an array of expenses related to the purchase and subsequent integration, including tax effects.Revenue was up 33.8 percent to $1.91 billion from $1.43 billion. Without the net contribution of $487 million from former Warnaco businesses, revenue declined fractionally to $1.42 billion from $1.43 billion. The 2012 figure included $28 million in revenues surrendered from the Izod women’s and Timberland sportswear businesses exited by PVH last year.PVH shares Wednesday were up 8 cents, or 0.1 percent, to $111.28 in regular trading but added $7.22, or 6.5 percent, to move to $118.50 following the after-market earnings report.Revenues and operating income were up at all three segments of PVH’s business — Tommy Hilfiger, Calvin Klein and Heritage Brands.RELATED STORY: Calvin Klein Shifts Execs >>Noting the ongoing strength of the Hilfiger and Klein businesses, Emanuel Chirico, chairman and chief executive officer of PVH, stated, “We were also pleased to see the strong operating improvement in our preexisting Heritage Brands wholesale business, primarily in the sportswear division, and believe the Speedo, Warner’s and Olga brands are proving to be strategic complements to our preexisting Heritage Brands portfolio.”PVH will hold a conference call this morning to discuss the quarterly results.
Exclusive: @dsquared2 signs fragrance licensing agreement with Euroitalia, with the first effort of the new partnership being unveiled in September. The brand will launch two scents – one for men and one for women – in Italy. Read our interview with designer Dean and Dan Caten on WWD.com. #wwdbeauty #wwdnews (📷: @zefashioninsider)
@louisvuitton has officially renewed Nicolas Ghesquière’s contract as artistic director of women's collections. "I am very pleased to open the next chapter of the story I started with Louis Vuitton almost 5 years ago," said Ghesquière, who first signed on to design the French luxury brand's women's line in 2013. Get all the details on WWD.com. #wwdnews #wwdfashion (📷: @giovanni_giannoni_photo)
“I learned then and there that I had to figure out a way in life to maintain and preserve my sense of pride when I felt good about what I did or what I represented or created,” said @saintrecords on how being bullied for wearing capri pants inspired her to be the artist she is today. Knowles was at the 70th Parsons Benefit last night where she outbid the room for a Dapper Dan customized @gucci experience. #wwdeye (📷: @lexieblacklock)
“There’s this amazing braintrust of people who know the whole universe so well. So we talked to them and they gave us more input,” said actor Alden Ehrenreich on playing the young Han Solo in “Solo: A Star Wars Story.” The cast was at NYC’s SVA Theatre last night for an advanced screening of the film, which hits theaters this week. #wwdeye #starwars #hansolo (📷: @aurorarosedecrosta)
@asaprocky spent nearly two hours in a Plexiglas box Sunday night at @sothebys putting himself through a series of “tests” to demonstrate the process of completing his new album called “Testing.” Get all the details and see all the pictures on WWD.com. #wwdeye
“I’ve struggled my whole life to find a bathing suit that fits me that doesn’t look like a maternity bra. I’m proud of the line because it’s an accurate representation of me rather than me putting on someone else’s clothes,” says @atlantabean of her swimwear collaboration with @piaarrobio, LPA X ATL. The two decided on a swimwear collab and increased the industry standard size for the pieces. Read more about the line — and our interview with de Cadenet Taylor and Arrobio — on WWD.com #wwdfashion
Exclusive: Cate Blanchett has been named the first global beauty ambassador for @armanibeauty. Blanchett has been the face of the brand’s Sì fragrance franchise since 2013, and is now representing all of the label’s beauty categories including makeup and skin care. #wwdbeauty (📷: @zefashioninsider)