PVH (PVH) 4Q15 Results: Solid Quarter Driven by Calvin Klein Business, Results Hurt by Currency

Executive Summary

• PVH reported 4Q15 revenues of $2.1 billion, up 2.1% year over year and slightly exceeding the consensus estimate. On a constant currency basis, revenues were up 7%.
• Adjusted EPS was $1.52, above the consensus estimate of $1.46 but down from EPS of $1.76 in the same period last year.
• For 2016, the company expects an increase of 2% in net sales on a constant currency basis, or 1% on a GAAP basis, and EPS of $6.30–$6.50.