PVH Corp reported on Thursday better-than-expected second-quarter profit and revenue as demand for its Calvin Klein and Tommy Hilfiger brands remained strong.
The owner of the Van Heusen, Izod, Arrow, Speedo and Warner’s brands also raised its full-year adjusted earnings forecast, helped by the recent strength in the dollar.
Net income rose to $217.9 million, or $2.43 per share, in the quarter ended July 2, from $199.9 million, or $2.16 per share, a year earlier.
Analysts had expected a profit of $2.34 per share, according to IBES data from Refinitiv.
Net revenue increased 2% to $2.29 billion from $2.25 billion, driven by a 4% jump in sales in North America to $1.17 billion.
PVH’s international business saw a 1% decline in revenue as it faced challenges in China and Europe.
Revenue from the company’s Calvin Klein brand rose 7% to $958 million, while sales at Tommy Hilfiger increased 2% to $1.07 billion.
PVH sees full-year adjusted earnings between $10.70 and $10.90 per share, compared with the prior forecast of $10.45 to $10.75 per share.
The company now expects net revenue between $9.65 billion and $9.75 billion, up from $9.60 billion and $9.70 billion previously. (Reporting by Aniruddha Ghosh and Mehr Bedi in Bengaluru; Editing by Shinjini Ganguli).
