PVH (PVH) 2Q17 Results: Beats Consensus and Raises EPS Guidance

Executive Summary

• PVH Corp. reported 2Q17 revenues of $2.1 billion, up 7.0% year over year and slightly above the $2.03 billion consensus estimate. Adjusted EPS was $1.69, up from $1.47 in the year-ago quarter and beating both the consensus estimate of $1.64 and the company’s own guidance of $1.60–$1.63.
• Calvin Klein revenue increased by 8%, driven by a 20% increase in international sales. Tommy Hilfiger revenue increased by 4%, driven by a 9% increase in international sales. Heritage Brands revenue increased by 13% due to order timing.
• The company raised its full-year GAAP EPS guidance to $6.44–$6.54 from $6.24–$6.34 previously, and it raised its non-GAAP EPS guidance to $7.60–$7.70 from $7.40–$7.50 previously.