PVH Corp (PVH) reported a 38% jump in earnings for the second quarter helped by broad-based strength across its businesses globally as well as strong momentum in its Tommy Hilfiger and Calvin Klein brands. Revenue and EPS exceeded analysts’ expectations and the apparel maker raised its earnings guidance for fiscal 2018.
With revenue increasing 13% to $2.3 billion, earnings climbed 38% to $165.2 million or $2.12 per share. On a non-GAAP basis, EPS grew 29% to $2.18.
Calvin Klein revenue grew 18% helped by outstanding performance in Europe and Asia as well as strong wholesale performance across all categories. Comparable store sales rose 2% at Calvin Klein North America and 5% at Calvin Klein International.
Revenue in the Tommy Hilfiger surged 15% on continued strong performance across all International regions and channels as well as strong performance in the North American wholesale business.
Looking ahead into fiscal 2018, PVH lifted its EPS guidance to a range of $8.96-$9.01 from the previous estimate of $8.81-$8.91, and its non-GAAP EPS outlook to a range of $9.20-$9.25 from the prior forecast of $9.05-$9.15.
The company expects revenue to increase by about 7%.
For the third quarter, the company sees earnings of $3.03 to $3.06 per share, non-GAAP profit of $3.10 to $3.13 per share and revenue growth of about 7%.
During the first half of 2018, PVH repurchased about 900,000 shares of its common stock for $137 million under its $1.250 billion stock repurchase program.
Shares of PVH ended Wednesday’s regular trading session up 0.44% at $156.67 on the Nasdaq. Despite the strong results, the stock dipped more than 1% after the bell.
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