Calvin Klein parent PVH stock gains more than 4% after better quarterly sales

PVH Corp. rose more than 4% in the extended session Wednesday after the parent company of Calvin Klein and Tommy Hilfiger reported better-than-expected quarterly sales. PVH said it earned $133 million, or $1.94 a share, in the first quarter, compared with $100 million, or $1.38 a share, in the year-ago period. Revenue rose 2% to $2.12 billion, reflecting “continued momentum” in Europe, the company said. FactSet consensus called for EPS of $1.61 a share on sales of $2.09 billion. There were ongoing supply-chain and “logistics disruptions” globally, as well as the impact of the COVID-related shutdowns in China, the retailer said. Revenue was also hit by the company’s decision to temporarily close its stores and halt activities in Russia and Belarus and a reduction in wholesale shipments to Ukraine, it said. “We are pleased with our first-quarter performance in which we delivered strong underlying top-line growth and beat our guidance,” Chief Executive Stefan Larsson said in a statement. PVH tweaked its revenue outlook for the year, saying it expects an increase between 1% and 2%, compared with previous expectations of an increase between 2% to 3%. It reaffirmed adjusted per-share earnings of about $9 for 2022, and it guided for adjusted EPS of $2 for the second quarter. Shares of PVH ended the regular trading day up 0.3%.

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