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 second-quarter earnings of $102.2 million.
The New York-based company said it had profit of $1.22 per share. Earnings, adjusted for non-recurring costs, were $1.37 per share.
The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.28 per share.
The owner of the Calvin Klein and Tommy Hilfiger brands posted revenue of $1.86 billion in the period, also topping Street forecasts. Three analysts surveyed by Zacks expected $1.83 billion.
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For the current quarter ending in November, PVH expects its per-share earnings to range from $2.45 to $2.50. Analysts surveyed by Zacks had forecast adjusted earnings per share of $2.43.
The company expects full-year earnings in the range of $6.90 to $7 per share.
PVH shares have declined 13 percent since the beginning of the year, while the Standard & Poor's 500 index has declined 6 percent. In the final minutes of trading on Wednesday, shares hit $111.60, a fall of almost 6 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.
For fashion’s private market investors, deal-making may provide less-than-ideal returns and raise questions about the long-term value creation opportunities across parts of the fashion industry, reports The State of Fashion 2024.
A blockbuster public listing should clear the way for other brands to try their luck. That, plus LVMH results and what else to watch for in the coming week.
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