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reported better-than-expected earnings for the fourth quarter. However, the company issued a weak forecast for the full year.
Net income attributable to PVH came in at $51.5 million, or $0.62 per share in the fourth quarter, versus a year-ago loss of $37.5 million, or $0.46 per share. Excluding items, non-GAAP earnings surged 23 percent to $1.76 per share.
Its revenue gained 0.8 percent to $2.07 billion, while revenue on a constant currency basis climbed 5 percent. However, analysts were expecting earnings of $1.73 per share on revenue of $2.1 billion.
Revenue in the Calvin Klein business climbed 6 percent on a constant currency basis for the quarter, while revenue in the Tommy Hilfiger business rose 9 percent on a constant currency basis. Revenue for the Heritage Brands business slipped 3 percent in the fourth quarter.
Earnings before interest and taxes on a non-GAAP basis rose 4 percent on a constant currency basis.
PVH expects Q1 adjusted earnings of $1.35 to $1.40 per share. The company expects Q1 revenue to rise around 2 percent on a constant currency basis and drop around 6 percent on a GAAP basis.
For the full year, PVH projects non-GAAP earnings of $6.75 to $6.90 per share, versus analysts' estimates of $7.37 per share. It also expects 2015 revenue to rise 3 percent on a constant currency basis and decline 4 percent on a GAAP basis.
PVH shares slipped 0.03 percent to $104.00 in the after-hours trading session.
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