PVH (PVH) Shows Solid Q2 Results, Raised FY11 Guidance

PVH Corp. (NYSE: PVH) shares are up about 3.5 percent in Tuesday's after-hours session following second-quarter 2011 results from the apparel company.

Revenue rose 21 percent from $1.1 billion during the same quarter last year to $1.33 billion. PVH attributed the sharp move higher in sales to:

• an increase of $160.7 million, or 30 percent, in the revenue of the Tommy Hilfiger unit;
  
  
• an increase of $38.1 million, or 19 percent, in the revenue of the Calvin Klein business; and
  
  
• an increase of $32.4 million, or 9 percent, in the revenue of the Heritage Brands segment

Net income totaled $66.73 million, compared to a loss of $70.62 million during the second quarter of 2010. Non-GAAP income came in at $78.3 million, up about 42 percent from the $55 million in the year-ago quarter.

On a per-share basis, pro-forma earnings totaled $1.07 per share, up almost 39 percent from 77 cents per share in the second quarter of 2010.

A consensus of analysts expected to see PVH report quarterly EPS of 95 cents on sales of $1.28 billion.

Chairman and CEO Emanuel Chirico said, "Our second quarter results reflect the continued strength and momentum in our Calvin Klein and Tommy Hilfiger businesses, which again allowed us to exceed both our revenue and earnings guidance for the quarter. Trends in both the Calvin Klein and Tommy Hilfiger businesses globally demonstrate how powerful brand appeal translates into strong performance across product categories, distribution channels and geographies. As such, we continue to invest in marketing to broaden the reach of the Calvin Klein and Tommy Hilfiger brands worldwide."

The company offered some guidance with the results:

• sees third-quarter earnings of $1.75 to $1.81 per share on sales of $1.61 billion to $1.63 billion; and
  
  
• raised its fiscal 2011 earnings guidance from $4.80 to $5.00 per share to $5.00 to $5.12 per share on sales of $5.78 billion to $5.82 billion

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