PVH Corp. reports 1.8 percent first-quarter revenue growth

New York – PVH Corp. the parent group of the Calvin Klein and Tommy Hilfiger brands, announced Wednesday that its first-quarter revenue rose 1.8 percent to 2.36 billion dollars. However, the figures came short of analysts' consensus estimate of 2.37 billion dollars.

Excluding items, the company earned 2.46 dollars per share, a cent above the average estimate based on Refinitiv IBES data. For the current second quarter ending in August, PVH expects its per-share earnings to range from 1.85 dollars to 1.90 dollars. Analysts surveyed by Zacks had forecast adjusted earnings per share of 2.40 dollars.

PVH Corp. expects full-year earnings in the range of 10.20 to 10.30 dollars per share

The company expects full-year earnings in the range of 10.20 to 10.30 dollars per share. PVH’s leadership expects a stronger dollar and a prolonged U.S.-China trade war keeps dragging its stock down.

"Looking ahead, the volatile and challenging macroeconomic backdrop has continued into the second quarter, with particular softness across the U.S. and China retail landscape," Chief Executive Officer Emanuel Chirico said in a statement. It’s worth recalling that PVH sources a majority of its apparel, footwear and accessories from China.

According to data collated by Reuters, PVH shares have risen roughly 7 percent since the beginning of the year, while the Standard & Poor's 500 index has risen 11 percent.

"Of course the CEO's comment is making investors nervous. And he didn't really mince words, beyond avoiding the tariff subject," Paula Rosenblum, co-founder of retail research firm RSR Research said in a note to market issued Wednesday.

Net income attributable to the company fell to 82 million dollars

Net income attributable to the company fell to 82 million dollars, or 1.08 dollars per share, in the three months ended May 5, from 179.4 million dollars, or 2.29 dollars from the previous year.

The company incurred charges of 131 million dollars in the quarter related to the restructuring of its Calvin Klein business and closure of Tommy Hilfiger stores in the United States.

Photo credit: Calvin Klein, Facebook