Shares of PVH (PVH) - Get Report soared 17.4% to $130.14 Thursday after the apparel company beat Wall Street's fourth-quarter earnings and sales expectations, as its Tommy Hilfiger brand had an "outstanding quarter," while its Calvin Klein segment delivered "healthy" results.
The New York based company said it earned $158 million, or $2.09 a share, in the quarter, up from $109 million, or $1.39 a share, a year ago. Adjusted earnings came to $1.84 a share, compared with $1.58 a share a year ago, and beat analysts' forecasts of $1.76 a share. Revenue slipped 1% to $2.5 billion but was ahead of expectations of $2.4 billion.
"Tommy Hilfiger had an outstanding quarter, with strong growth across all product categories and regions," Emanuel Chirico, chairman and CEO, said in a statement. "Calvin Klein delivered a healthy quarter, with particular strength in Europe, solidifying our confidence in the margin opportunity that we previously identified for 2019 and beyond."
Sales at Tommy Hilfiger increased 2.3% to $1.2 billion during the reported quarter. The company expects the brand's sales to grow about 6% in full-year 2019. Calvin Klein sales decreased 2% to $953 million, while Calvin Klein international revenue increased 2% to $523 million.
JPMorgan, meanwhile, raised its price target on PVH to $139 a share from $132.
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