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.
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia
Azzedine Alaïa's “I-did-it-my-way” ethos stood out starkly at a time when brands are experimenting with consumer-facing fashion shows, coed formats and trans-seasonal collections – anything to perk up lackluster sales of ready-to-wear in an age of Insta-everything. “It’s not creation anymore. This becomes a purely industrial approach,” the late designer told WWD in an interview last year. “But anyway, the rhythm of collections is so stupid. It’s unsustainable. There are too many collections.” Read more about the iconic designer’s life and work on wwd.com, link in bio. #wwdfashion #azzedinealaia (📷: @WWD Archive, 1986) #alaia
Sneaker reselling app @goat’s latest exhibit, "The Greatest: New York," tells the story of New York's sneaker culture. To celebrate the exhibit, an intimate crowd gathered on Thursday night at the pop-up gallery space, located at Platform in Culver City, to hear guest speaker and illustrator @esymai talk about her own rise in streetwear and women in the business. "For me I'm just someone who is creative. I like to create things," said Chang. #wwdfashion
Azzedine Alaïa, one of the most iconic couturiers of the modern era whose body-con designs defined Eighties fashion, has died in Paris. The diminutive Tunisian-born designer, known for his structured knitted dresses with fitted waists and impeccably cut, figure-hugging second skin silhouettes was deeply admired by his peers, and counted supermodel Naomi Campbell - his adoptive daughter - among his inner circle, one of a gang of glamazons including Farida Khelfa, Carla Bruni and Stephanie Seymour who became ambassadors of his style. (📷: Alexandre Guirkinger) #wwdblast