The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
NEW YORK, United States — PVH Corp. on Wednesday reported fiscal fourth-quarter net income of $51.5 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the New York-based company said it had net income of 62 cents. Earnings, adjusted for one-time gains and costs, were $1.76 per share.
The results topped Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $1.72 per share.
The owner of the Calvin Klein and Tommy Hilfiger brands posted revenue of $2.07 billion in the period, which fell short of Street forecasts. Five analysts surveyed by Zacks expected $2.1 billion.
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For the current quarter ending in April, PVH expects its per-share earnings to range from $1.35 to $1.40. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.55.
The company expects full-year earnings in the range of $6.75 to $6.90 per share.
PVH shares have dropped 19 percent since the beginning of the year, while the Standard & Poor's 500 index has stayed nearly flat. In the final minutes of trading on Wednesday, shares hit $104.03, a decline of 11 percent in the last 12 months.
In 2020, like many companies, the $50 billion yoga apparel brand created a new department to improve internal diversity and inclusion, and to create a more equitable playing field for minorities. In interviews with BoF, 14 current and former employees said things only got worse.
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