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.”
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.
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.
From overseeing America’s fastest-growing speciality retailers to codifying cool, WWD talked to the women who are leading the way for the future of beauty. Check out our Instagram Stories to see how these women built today and are creating tomorrow. (📸: @hannah_khymych) #wwdbeauty
For @laperlalingerie's spring 2018 show, the brand chose to host their event at @thevenetianmacao. With Chinese megastars @bingbing_fan and @hubing in attendance, La Perla debuted a rock ‘n’ roll-inspired collection. The show marked the start of Sands Macao Fashion Week, which runs from October 19 to 24 — the city’s first such event. Pictured here are models backstage with glimmering eyes. #wwdfashion (📷: Cheuk-Yin To)
Trending for spring 2018: top stitch design. Gone are the days of stitch just for seams — designers are using the once-minimal detail to create strong decorative elements. (📷: Paola Testa; Styled by @andrew_shang) #wwdfashion
@tradesy is turning the concept of a showroom upside down with its new space in Santa Monica. Here, the company plans to hold events, art exhibits and a showcase rare fashion pieces like this Louis Vuitton boxing set. Get all the details on Tradesy’s first showroom on WWD.com. #wwdnews
Spotted last night at the @erdem x @hm launch event: Kate Bosworth, Rashida Jones, Kirsten Dunst and Selma Blair. The party, which took place in LA, also marked the opening of their pop-up shop. “I was interested in creating a collection that wasn’t in any way disposable. It was about pieces you’d create and keep forever, things that have a permanence to it,” designer Erdem Moralioglu said. #wwdeye (📷: Katie Jones)
Renee Zellweger in yellow in 2001 and again in 2017. Chosen as one of the 12 @pantone Leading Spring Colors (and dubbed “Meadowlark”), it only makes sense that the bright hue stands the test of time and is making a resurgence this season, seen already on stars like @blakelively and @gigihadid. (📷: Donato Sardello & @rexfeatures) #wwdfashion #tbt
Dior’s 70th anniversary celebration continues with a new exhibition at the Royal Ontario Museum in Toronto. “Christian Dior,” which is scheduled to run through March 18, takes a look at the founders tenure from 1947 to 1057 and feature 40 designs. Pictured here is an evening gown from the Ailée, fall 1948-49 haute couture collection. #wwdfashion (📷: Brian Boyle)