PVH Corp. beat Wall Street estimates for quarterly sales on Thursday, led by strength in its Calvin Klein and Tommy Hilfiger businesses, and raised its full-year profit forecast.
The owner of the Calvin Klein, Tommy Hilfiger, Van Heusen, Izod and Speedo brands said net income rose to $253.1 million, or $2.24 per share, in the three months ended July 3, from $222.3 million, or $1.93 per share, a year earlier.
Excluding items, PVH earned $2.31 per share, topping analysts’ average estimate of $2.18, according to Refinitiv data.
PVH said net sales rose 3% to $2.34 billion, while analysts had expected $2.30 billion.
Revenue at Calvin Klein climbed 6% to $998 million, while revenue at Tommy Hilfiger gained 1% to $914 million.
PVH now expects full-year earnings per share of $9.80 to $9.95, up from its prior forecast of $9.60 to $9.80. Analysts had expected a profit of $9.79 per share.
The company also said it has begun a search for a new chief executive officer to succeed Stefan Larsson, who is stepping down at the end of the year.
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