The stock inched higher after reporting impressive earnings on Monday. The company exceeded Wall Street's estimates on both the top and bottom lines.
The New York City-based apparel company is the maker of well-known brands such as Calvin Klein, IZOD and Tommy Hilfiger, among others.
'We are very pleased with our first quarter results, which exceeded our first quarter guidance, driven by the strength of our Calvin Klein business," said Chairman and CEO Emanuel Chirico. "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."
The company said foreign exchange headwinds negatively impacted earnings per share by $0.27. During the quarter, PVH announced a share repurchase program totaling $500 million over three years.
As for outlook, PVH expects earnings per share of between $6.85 and $6.95 for 2015.
"Looking ahead to the remainder of 2015, we are increasing our earnings guidance for the year, while continuing to take a prudent approach to planning our business, as foreign currency and global consumer spending remain unpredictable and volatile," Chirico added.
At $112.63, the stock is trading at about 15 times its per-share earnings last year. The analysts at Nomura, Janney Montgomery Scott and CL King & Associates maintain a buy rating.
Shares of PVH have declined more than 12% since the start of the year.