PVH (PVH) Fiscal 2Q18 Results: Company Beats Expectations, Raises Guidance

Executive Summary

• PVH Corp. reported fiscal 2Q18 revenues of $2,333 million, up 12.7% year over year and beating the $2,290 million estimate. Adjusted EPS was $2.18, beating the consensus estimate of $2.09 and up 29% from adjusted EPS of $1.69 from the year-ago quarter.
• Tommy Hilfiger International comparable store sales were up 11%, and Tommy Hilfiger North America comps were up 5%. Calvin Klein International comparable store sales were up 5% and Calvin Klein North America comps were up 2%.
• The company offered 3Q18 non-GAAP EPS guidance of $3.10–$3.13, versus the consensus estimate to $3.13. The company expects revenue in the third quarter to increase 7% (9% on a constant-currency basis) compared to the consensus estimate of $2.44 billion. For the full year, the company raised EPS guidance to $9.20–$9.25 from $9.05–9.15 compared to the consensus estimate of $9.18.