PVH Shares Rally As Tommy Hilfiger, Calvin Klein Businesses See Robust Q2 Growth

PVH Corp PVH reported second-quarter FY21 sales growth of 46% year-on-year, to $2.31 billion, beating the analyst consensus of $2.14 billion.
The revenue increase was driven by solid performance in its international businesses, primarily driven by Europe.
Tommy Hilfiger's business increased 41% Y/Y, and Calvin Klein registered a 56% growth.
Non-GAAP EPS of $2.72 beat the analyst consensus of $1.20.
Gross profit rose 50.9% Y/Y to $1.3 billion, and the gross margin expanded 180 basis points Y/Y to 57.7%.
The company held $1.2 billion in cash and equivalents as of August 1, 2021.
Inventory levels at $1.42 billion, down 13% compared to the prior-year period.
Outlook: PVH sees Q3 adjusted EPS of $1.95 - $2.00 versus the consensus of $1.77. Revenue in Q3 to increase 11% - 13% Y/Y.
The company has raised FY21 adjusted EPS guidance to $8.50 (prior $6.50) versus the consensus of $6.75. It currently sees FY21 revenue to increase 26% - 28%.
Price Action: PVH shares are trading higher by 10.36% at $115.65 in premarket on the last check Wednesday.
Photo by Raysonho via Wikimedia

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