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PVH Stock Rallies on Earnings Beat Led by Calvin Klein Label

6/02/15 9:15 AM EDT
PVH (PVH) reported earnings after the bell on Monday that beat analyst estimates but revenue was down on last year's numbers. Much of the first quarter profit was driven by the company's Calvin Klein label, despite the negative effects of the strong U.S. dollar. The designer brand has recently harnessed the celebrity selling power of pop star Justin Beiber and super models Kendall Jenner and Lara Stone. PVH posted higher than predicted earnings of $1.50 per share. Revenue also beat estimates, coming in at $1.79 billion but falling short of Wall Street's $1.86 billion estimate. The owner of fashion brands that also include Tommy Hilfiger raised its full year guidance to $6.95, up from its previous estimate of $6.85. PVH has also Authorized $500 million stock buy back over the next three years. Last quarter the company beat earnings estimates by 2.5% but currency headwinds and the volatile situation in Russia have hit the company's bottom line.
Stocks in this video: PVHKORS
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