Luxury Retail Stock to Watch: PVH Corp (NYSE: PVH)

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PVH Corp (NYSE: PVH) stock rose over 0.6% in the after-hours session of June 2nd, 2021 (Source: Google finance) as the company has beaten earnings estimates for the first quarter of FY 21.

The company added that direct to consumer revenue increased 66%, which included a 66% increase in digital commerce. The company’s wholesale revenue increased 53%, driven by strong performance in Europe, and included a significant increase in the company’s sales to the digital businesses of its traditional and pure play wholesale customers.

PVH in the first quarter of FY 21 has reported the adjusted earnings per share of $1.92, beating the analysts’ estimates for the adjusted earnings per share of 83 cents. The company had reported the adjusted revenue growth of 55 percent to $2.08 billion in the first quarter of FY 21. The revenue growth is on back of A 63% increase (52% increase on a constant currency basis) in the Tommy Hilfiger business compared to the prior year period, including a 78% increase (63% increase on a constant currency basis) in Tommy Hilfiger International revenue and a 25% increase (24% increase on a constant currency basis) in Tommy Hilfiger North America revenue. There has been a 65% increase (56% increase on a constant currency basis) in the Calvin Klein business compared to the prior year period, including a 91% increase (77% increase on a constant currency basis) in Calvin Klein International revenue and a 27% increase (26% increase on a constant currency basis) in Calvin Klein North America revenue. There has also been a 9% increase in the Heritage Brands business compared to the prior year period, which includes a reduction of 14% resulting from the sale of the Company’s Speedo North America business in April 2020.

The company expects revenue in 2021 to increase 24 percent to 26 percent or increase 21 percent to 23 percent on a constant currency basis as compared to 2020.  The Company currently projects that 2021 earnings per share on a non-GAAP basis to be approximately 6.50 dollars compared to a loss per share of 1.97 dollars in 2020.

The revenue in the second quarter of 2021 is projected to increase 34 percent to 36 percent or increase 29 percent to 31 percent on a constant currency basis compared to the prior year period. The company currently projects that second quarter earnings per share on a non-GAAP basis to be in a range of 1.15 dollars to 1.18 dollars compared to 13 cents in the prior year period.

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