Shares of PVH Corp. (PVH) jumped after the apparel company raised its earnings and revenue forecasts for the fiscal fourth quarter and 2018.
The clothing company, which owns brands including Tommy Hilfiger, Calvin Klein and Van Heusen, said in a statement on Thursday that it expects fourth-quarter revenue of $2.4 billion, above its initial guidance. For the full year, it sees revenue of $9.57 billion, also above its initial expectations.
On an adjusted basis, it now expects per-share earnings of at least $1.75 for the quarter, above its previous guidance range of $1.60, and full-year 2018 adjusted earnings per share of at least $9.50, above the $9.33-$9.35 per share range it had predicted.
That pushed shares up 6.9% to close at $105.77 on Friday. PVH stock ended Thursday's regular session down $3.61, or 3.5%, at $98.94.
"...we are experiencing outperformance across all of our businesses relative to our previous guidance, despite the increasingly volatile macroeconomic and geopolitical environment." PVH CEO Emanuel Chirico said in a statement.
Separately, the company said it expects to incur pretax costs of about $120 million over the next 12 months in connection with the planned restructuring of its Calvin Klein unit, including the relaunch of the so-named 205W39NYC business.