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Calvin Klein-Owner PVH (PVH) Gains 7% Following Q2 Beat/Raise

August 31, 2021 5:27 PM

PVH Corp. (NYSE: PVH) shares rose 7% after-hours following strong Q2 results, with EPS of $2.72 beating the consensus of $1.20. Revenue for the quarter was $2.31 billion (vs. consensus of $2.14 billion), growing 46% (40% on a constant currency basis) year-over-year.

According to Stefan Larsson, the Chief Executive Officer of PVH Corp., they are pleased with the recovery, which has been faster than expected across both Calvin Klein and TOMMY HILFIGER brands.

Larsson said the company’s strong results were driven by international performance, with revenue in international businesses significantly exceeding 2019 pre-pandemic levels, super-charged by e-commerce, with revenue through digital channels growing approximately 35% year-over-year.

The company raised its full 2021-year outlook, with an estimated EPS of $8.50 (vs. consensus of $6.75) and revenue growth of 26% to $28% (24% to 26% on a constant currency basis) year-over-year.

While the international business recovered faster than anticipated and is expected to continue to exceed 2019 pre-pandemic revenue levels in the second half of the year, the North America businesses are expected to remain challenged, thus revenue and earnings in H2 will still be impacted by the pandemic.

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