PVH updates EPS guidance following holiday season
PVH on Thursday announced its updated fourth quarter and fiscal year 2016 guidance. The company expects its earnings per share for both periods to be at least at the top end of its guidance ranges on a GAAP basis and non-GAAP basis.
In December, PVH reported that it expects its full year 2016 EPS to range from $6.51 to $6.56 on a GAAP basis and $6.70 to $6.75 on a non-GAAP basis, and for its fourth quarter 2016 EPS to range from $0.99 to $1.04 on a GAAP basis and $1.13 to $1.18 on a non-GAAP basis.
PVH Chairman and CEO Emanuel Chirico said, “Although we are increasing our non-GAAP earnings guidance for the year, we continue to take a prudent approach to planning the holiday season in light of the macroeconomic and geopolitical volatility around the world.”
The company posted an increase in revenue in the third quarter led by the performances of Calvin Klein and Tommy Hilfiger. Both brands’ total revenue increased as well as their respective international businesses, which offset the decrease in revenue for the Heritage Brands segment. In North America, both brands struggled with Tommy Hilfiger decreasing 7% and Calvin Klein finishing flat in the quarter.
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