The apparel company posted earnings of $99.9 million, or $1.38 a share, compared to a loss of $1.09 billion, or a loss of $15.37 a share, in the year-earlier period.
Revenue for the quarter ended May 2 rose 55% to $2 billion from $1.34 billion.
A survey of analysts by FactSet produced consensus estimates of GAAP profit of 84 cents a share, or an adjusted profit of 83 cents, on revenue of $1.93 billion.
"We are very pleased with our first quarter 2021 results, which significantly exceeded our expectations, and reflect our team’s strong execution of our accelerated recovery priorities across our businesses globally – focused on the Calvin Klein and Tommy Hilfiger brands, our international markets, driving product strength with increased pricing power and margin expansion, and winning in the marketplace through super-charging e-commerce," said Chief Executive Stefan Larson in a statement.
Sales from Calvin Klein and Tommy Hilfiger increased 65% and 63% respectively from the same period a year ago.
PVH projects that second-quarter earnings per share on a GAAP basis will be in a range of 79 cents a share to 82 cents a share compared to a loss of 72 cents a share in the prior year period.
PVH said revenue in the second quarter of 2021 is projected to increase 34% to 36%.
The FactSet survey for Q2 called for GAAP and adjusted earnings of $1.22 a share on revenue of $2.1 billion.
PVH increased its full-year outlook despite continued uncertainty in the macro-environment, as it navigates through the pandemic and related supply chain disruption.
For fiscal year 2022, PVH is projecting earnings per share on a GAAP basis will be approximately $5.50 compared to a loss per share of $15.96 in 2020.
For the full year revenue is projected to increase 24% to 26%, the company said.
The FactSet survey for all of fiscal 2022 called for GAAP earnings of $6.30 a share, or an adjusted $6.16, on revenue of $8.88 billion.
However, PVH also said, "revenue and earnings will continue to be impacted negatively by the pandemic."
The company also said the businesses in the U.S. "are expected to remain challenged throughout 2021, as international tourism, which is the source of a significant portion of regional revenue, is not expected to return."
Shares of PVH rose 1.45% to $111 in after-hours action. The stock fell 4.1% in regular trading Wednesday.