Recently, PVH the company behind typical American fashion brands has increased its full-year earnings outlook after posting better than expected revenue gains for the first quarter.
According to the company the sales in the three months up to May 6 rose 16 per cent from a year ago to $2.3bn. Earnings came in at $2.29 a share, versus 89 cents in the same period a year ago, thanks in part to a 20 cent-per-share boost from favourable currency exchange rates. Net income attributable to the company soared to $179.4m from $70.4m a year ago.
Tommy Hilfiger revenue rose 21 per cent to hit $1bn, alongside a 25 per cent jump in the brand’s sales in foreign markets to $655m. Calvin Klein revenue rose 18 per cent to $890m from a year-ago, with international sales ringing in 25 per cent higher at $475m.
Emanuel Chirico, PVH chairman and chief executive, stated the company is pleased with its first quarter 2018 results, its performance underscored the power of the diversified business model and the continued momentum in global designer lifestyle brands, Calvin Klein and Tommy Hilfiger.
PVH says it would lift its full-year earnings outlook, despite expectations that the foreign-exchange tailwinds would subside. Its previous guidance for earnings between $8.76 and $8.86 a share was raised to $8.81 to $8.91 a share.
Demand for PVH’s recognisable brand names has helped it weather tough times in the retail sector, among changing shopping habits and consumer tastes. After rising 52 per cent last year, their shares are up another 14.12 per cent so far in 2018.
