Executive Summary

• PVH Corp. reported 1Q17 adjusted EPS of $1.65, ahead of the $1.60 consensus estimate and up 9.9% year over year. Revenues were $2.0 billion, up 3.7% year over year and slightly ahead of the $1.96 billion consensus estimate.
• Calvin Klein revenue increased by 5%, driven by an 11% increase in international sales. Tommy Hilfiger revenue increased by 6%, driven by a 15% increase in international sales. Heritage Brands revenue decreased by 3% due to order timing.
• The company raised its full-year GAAP EPS guidance to $6.24–$6.34 from $6.20–$6.30 previously and raised its non-GAAP EPS guidance to $7.40–$7.50 from $7.30–$7.40 previously, above the $7.40 consensus estimate.