PVH projects full year earnings per share of 8.80 dollars

Second quarter revenue at PVH Corp. increased 46 percent to 2.313 billion dollars or increased 40 percent on a constant currency basis compared to the prior year period.

Commenting on the company’s performance, Stefan Larsson, the company’s chief executive officer, commented: “We delivered another quarter of high-quality growth and strong performance above our guidance. This was driven by disciplined execution of our key strategic priorities, led by Calvin Klein and Tommy Hilfiger and our international markets, focused on product strength and winning in the marketplace, super-charged by e-commerce.”

Review of PVH’s Q2 performance

The company said that the revenue increase compared to the prior year period reflects a 41 percent increase or 35 percent increase on a constant currency basis in the Tommy Hilfiger business including a 40 percent increase or 32 percent increase on a constant currency basis in Tommy Hilfiger International revenue and a 45 percent or 43 percent increase on a constant currency basis in Tommy Hilfiger North America revenue.

There was a 56 percent or 50 percent increase on a constant currency basis in the Calvin Klein business, including a 47 percent or 37 percent increase on a constant currency basis in Calvin Klein International revenue and a 75 percent or 74 percent increase on a constant currency basis in Calvin Klein North America revenue.

Heritage Brands business reported a 47 percent rise compared to the prior year period.

Earnings per share on a GAAP basis were 2.51 dollars for the second quarter of 2021 compared to a loss per share of 72 cents in the prior year period. Earnings per share on a non-GAAP basis were 2.72 dollars compared to 13 cents in the prior year period.

Earnings before interest and taxes on a GAAP basis were 279 million dollars compared to a loss before interest and taxes of 2 million dollars in the prior year period. Earnings before interest and taxes on a non-GAAP basis increased to 294 million dollars compared to 49 million dollars in the prior year period.

PVH expects full year revenues to increase by 26 to 28 percent

Revenue in 2021 is projected to increase 26 percent to 28 percent or increase 24 percent to 26 percent on a constant currency basis as compared to 2020.

The company currently projects that 2021 earnings per share on a GAAP basis will be approximately 8.80 dollars compared to a loss per share of 15.96 dollars in 2020.

The company currently projects earnings per share on a non-GAAP basis will be approximately 8.50 dollars compared to a loss per share of 1.97 dollars in 2020.

Revenue in the third quarter is projected to increase 11 percent to 13 percent compared to the prior year period.

The company currently projects that third quarter 2021 earnings per share on a GAAP basis will be in a range of 3 dollars to 3.05 dollars compared to 98 cents in the prior year period.

The company currently projects that third quarter 2021 earnings per share on a non-GAAP basis will be in a range of 1.95 dollars to 2 dollars compared to 1.32 dollars in the prior year period.