PVH Corp., an American clothing company which owns brands such as Tommy Hilfiger, Calvin Klein, IZOD and Arrow, has posted 3 per cent surge in revenue on a constant currency basis and 2 per cent on a GAAP basis to US $ 1.92 billion in the first quarter of the year against US $ 1.88 billion in the same period last year. In the period under review, earnings before interest and taxes surged to US $ 295 million on a GAAP basis compared to US $ 177 million.
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Brand wise, revenue from the Calvin Klein business zoomed 13 per cent on a constant currency basis and 11 per cent on a GAAP basis from US $ 654 million in the first quarter last year. However, revenue from Heritage Brands business dropped 12 per cent in the reporting quarter.
Commenting on these results, Emanuel Chirico, Chairman and CEO said, “We are very pleased with our first quarter 2016 results, which exceeded our expectations despite the difficult retail environment experienced in the US market.
Looking ahead to the remainder of 2016, we are increasing our earnings guidance on a non-GAAP basis for the year, while continuing to take a prudent approach to planning our business, as foreign currency and global consumer spending remain unpredictable and the US retail market is increasingly volatile and promotional.”
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For the second quarter, PVH expects revenue to increase by 5 per cent on a constant currency basis and about 4 per cent on a GAAP basis.
