Dallas, Texas 12/05/2014 (FINANCIALSTRENDS) – PVH Corp (NYSE:PVH) recently reported its 3Q14 earnings for quarter ended November 2, 2014. The company reported 2% YoY increase in 3Q14 revenue to $2.23 billion despite negative impact of foreign currency translation.
Revenues for Tommy Hilfiger, Calvin Klein and Heritage Brands businesses increased 1%, 2% and 3% during 3Q14. Growth across the spectrum helped PVH to post 14% YoY increase in its GAAP earnings to $2.71 per share in 3Q14.
Management Analysis
Emanuel Chirico, CEO of PVH Corp (NYSE:PVH), expressed that PVH is well-positioned given the strength of the company’s brand portfolio and strategic investments made over the couple of years. PVH is poised for long-term growth and deliver shareholder value. The company continued debt repayment and reported anticipated results in 3Q14 despite difficult macroeconomic environment.
Chirico also mentioned that global strategic initiatives including store refits to improve shop environments for the company’s Calvin Klein jeans business started paying off. PVH is also on track with its acquisition integration efforts and the last phase is anticipated to complete in 2015.
The company also revised its full-year earnings guidance to $7.25 to $7.30 per share, given the strength in the U.S. dollar against several major currencies. The company expects to leverage the holiday shopping season to navigate anticipated volatility in global economy and geopolitical environment.
Brand-wise Performance
PVH Corp (NYSE:PVH) reported 5% increase and 1% decrease in Calvin Klein business’ North America and International revenues, respectively. Total revenue was reported to be $816 million, contributing 36.5% to the company’s total revenues.
Tommy Hilfiger’s North America and International revenues increased 3% and decreased 1%, respectively. Total revenue was reported to be $930 million, contributing 41.7% to the company’s total revenues.
Including the Bass revenue in 2013, Heritage Brands revenue decreased 10% to $487 million during 3Q14, contributing 21.8% to the company’s total revenues.
