NEW YORK (TheStreet) -- Shares of PVH Corp (PVH) were up 8.3% to $113.37 on heavy volume in afternoon trading Tuesday, following the apparel company's better than expected first quarter earnings results, released after the market closed yesterday.
"Just because PVH is cheap ex-currency doesn't mean you should buy it. That's why I'm staying away," Laudani added.
For the quarter, the apparel company earned $1.50 per share on revenue of $1.88 billion.
Analysts were expecting PVH to report earnings of $1.38 per share on revenue of $1.86 billion for the first quarter, according to the Associated Press.
"Strong underlying fundamentals in our international Calvin Klein and Tommy Hilfiger businesses was partially offset by softness in our U.S. Calvin Klein and Tommy Hilfiger businesses, where a strong U.S. dollar negatively impacted international tourist spending," said PVH chairman and CEO Emanuel Chirico.
PVH also authorized a $500 million three-year stock repurchase program.
Looking ahead, the maker of Calvin Klein said it expects earnings for the current quarter ending in July, to come in between $1.25 to $1.30 per share.
For the full-year, PVH expects earnings in a range of between $6.85 to $6.95 per share.
About 3.27 million shares of PVH have exchanged hands as of 1:48 p.m. ET today, compared to its average trading volume of about 780,967 shares a day.