PVH Corp. on Wednesday reported fiscal first-quarter profit of $70.4 million. The New York-based company said it had net income of 89 cents per share. Earnings, adjusted for non-recurring costs, were $1.65 per share.
The results exceeded Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.61 per share.
The owner of the Calvin Klein and Tommy Hilfiger brands posted revenue of $1.99 billion in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $1.96 billion.
For the current quarter ending in August, PVH expects its per-share earnings to range from $1.60 to $1.63. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.53.
The company expects full-year earnings in the range of $7.40 to $7.50 per share.
PVH shares have climbed 13 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased slightly more than 7 percent. In the final minutes of trading on Wednesday, shares hit $102.04, a rise of 15 percent in the last 12 months.
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