Net income for the quarter more than doubled to $179.4 million, or $2.29 a diluted share, from $70.4 million, or 89 cents, a year earlier. Adjusted earnings per share totaled $2.36, up from $1.65 a year earlier and 11 cents ahead of the $2.25 Wall Street analysts projected.
Revenues for the three months ended May 6 rose 16.4 percent to $2.31 billion from $1.99 billion. The topline gained 10 percent on a constant currency basis.
Emanuel Chirico, chairman and chief executive officer, touted the broad-based growth and underscored the company’s diversified approach and the momentum of its designer businesses.
Calvin Klein’s revenues rose 18 percent to $890 million while Tommy Hilfiger’s revenues increased 21 percent to $1 billion. Both brands saw growth at home and abroad, with their own distribution and through wholesale partners. Revenues for the company’s Heritage Brands business increased 5 percent to $409 million.
“We are applying our consumer-centric mind-set by growing our presence where our consumers prefer to shop, creating exciting brand experiences across our distribution channels and capitalizing on creative new ways to connect with the next generation of consumers,” Chirico said. “We are also driving our long-term vision by making investments to ensure that we adapt to the evolving consumer landscape.”
PVH also opened up a little more upside in its outlook for the year, despite what Chirico described as “continuing volatility in the macroeconomic and geopolitical environments” that led to a smaller benefit from foreign currency translations than anticipated. The company is now looking for adjusted earnings per share of $9.05 to $9.15 a share, up from the $9 to $9.10 previously projected.
The earlier projection had foreign currency exchange boosted results by 35 cents, while the current projection expects just a 12 cent gain from currency.
Revenues are expected to increase 6 percent this year, with an 8 percent rise at Calvin Klein, a 7 percent increase at Tommy Hilfiger and a flat performance in the Heritage business.
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